Day: November 3, 2020

Why Trust and Incentives Help Consumers With Better Brand Selection


9 min read

Opinions expressed by Entrepreneur contributors are their own.


Trust and loyalty rewards have underpinned U.S. consumer spending for decades. Trust makes it easy to do with a while a loyalty program rewards customers for returning. Such programs stabilize demand and supply chains and are effective at increasing revenue in the long run. Smart businesses know how to incentivize their customers and get them in the door with freebies, a deal they can’t ignore or other smart ideas, but once that customer is in the store, they can sell them the more expensive items. 

Loyalty program members generate 12-18 percent incremental revenue growth year over year compared to non-members, according to a 2017 Accenture study. However, the pandemic has led to big changes in terms of what types of incentives customers are looking for. In these difficult times, entrepreneurs want to

Read more

Revisiting Atlas Shrugged

Do you imagine yourself an Atlas in your business life, holding up the heavens? Does the world seem ungrateful? What if you got together with your fellow Atlases and just shrugged the whole thing off?

You can if you like. But, really, it’s never very useful to imagine yourself a god when in fact hardly anybody is indispensable. And if there is no key-person insurance on your life, you probably aren’t in that small category. I’m certainly not, despite the feelings of martyrdom I indulged while trudging through Atlas Shrugged on your behalf.

Sooner or later, a regular column on business and literature must face up to the 1,100-page gorilla of the genre and deal with libertarian icon Ayn Rand’s strange and furious magnum opus. This is a novel, after all, that venerates risk-taking executives and innovators as heroes. Whatever its literary shortcomings, there’s no denying its cultural impact.

Read more