Customers aren’t thrilled about ever-present tip requests and rising menu prices, but restaurants (and retailers) are betting on paid loyalty programs, the Associated Press reports. From food specials to speedier reservations, a premium membership can make people feel special: The AP cites McKinsey research that it’s twice as effective at boosting spend as a free membership.

However, other experts warn that charging too much for VIP status  — or worsening the basic experience as a nudge to buy one — could anger nonmembers. Make customers feel they’re getting their money’s worth for coming back time after time, not that they have to pay more for less. Check out business.com’s 5 Ideas to Boost Your Loyalty Program’s Success.

Insurance: It’s getting harder to find for offices

Infographic: The Silver Economy by the numbers

Hello, Bookstore: An inspirational documentary

Celestial Seasonings: Tea brand’s cozy social strategy

(Source:  Shutterstock)

Business property insurance is starting to look like ticket prices for the Eras Tour: expensive and hard to come by.

In regions severely affected by climate change — think wildfires in California or hurricanes in Florida — insurance premiums have skyrocketed for personal and commercial real estate. While this increase is a result of the increased risk that insurers face, the trend places a heavier-than-expected financial burden on small businesses, particularly those with tight margins. 

“In some cases, businesses have scaled back or halted operations because the cost of insurance has become prohibitive,” explains Dale Terry, owner of Crossroads Insurance Recovery Advocates. “This issue is especially acute in sectors such as agriculture and coastal tourism, which are directly impacted by environmental risks.”

Insurers say they need to charge higher premiums to offset all the payouts from extreme weather events fueled by climate change. Also, decades-high inflation has pushed up the cost of rebuilding.

But there’s more to the story. Insurers have off-loaded the risk to hedge funds and other investors in the form of catastrophe bonds, which offer a big payday if a climate disaster doesn’t occur. Last year, these “cat bonds” were part of a dominant hedge fund strategy, delivering nearly a 20% gain in an index fund tracking this asset class.

So, with insurers having stronger balance sheets, will it ever become easier to get the coverage you need?

Technology might come to the rescue. Advancements in areas like predictive analytics, satellite data, and drone technology are helping insurers better assess physical risks and shorten inspection timelines, which could lead to lower premiums over time. Aerial imaging enables commercial property owners and insurers “to prioritize capital allocation for repair/replace work and prolong the life of each roof/facade/pavement,” notes Jose Giraldo, general manager of property solutions at data provider Zeitview. Smart devices can also be used in commercial properties, monitoring for issues like leaks or ruptured pipes, giving insurers valuable data to customize policies. By showing the insurance company that your building or business is lower risk, you could see premium discounts. It doesn’t hurt to ask.

Let your insurance agent know of any risk-mitigating additions or improvements you have made to the property, such as a generator or battery backup system to reduce the possibility of business interruption, suggests Clay Rising, chief claims officer of insurtech provider Brush Claims.

“Retention and renewals lead to improved margins and pricing for the insured,” explains Rising. “Customer acquisition costs decrease each year an insured renews, which allows the insurer to realize the benefits of correct underwriting and risk selection.”  

In other words: With climate change here to stay, you might just have to wait for your share of the costs to come down.

You already know that Dell offers exceptional tools like some of the best business laptops on the market – such as the Precision 3581 Mobile Workstation – complete with two-day delivery, financing, and trade-in options. 

But there’s a lot more available to entrepreneurs looking to double down on their tech stack. From top-notch professional services to the broadest portfolio of generative AI tools, Dell can help you get the most out of your tech and secure that much-needed competitive edge.

You need more than a vendor — you need a partner. As one of the most trusted names in business technology, Dell offers the hardware, expertise, and support you need to take your business to the next level. 

Whether you’re upgrading your software, hardware or adding new technological capabilities to your business, choose Dell for a team that will support you every step of the way.

Today’s podcast conversation is with Centerfield’s SVP of People Operations Gena Romano and VP of Talent and Organizational Development Zelna McGee to discuss the impact of motivation on employee engagement and productivity, the importance of purpose, impact, and belonging, and advice for aspiring HR leaders. Watch the episode on YouTube.

Late last year, we predicted that despite TikTok’s youth-oriented popularity, marketing to seniors would be a big trend in 2024. Here are the stats for why your business might want to focus on a new (old) demographic:

(Source: Prime Video)

Prime Video’s Hello, Bookstore is a quiet gem of a documentary about a small town rallying to save its beloved bookstore (actually named The Bookstore) from going under. 

The bookstore became a Lenox, Massachusetts, landmark thanks to eccentric and amicable owner, Matt Tannenbaum, a lanky bibliophile who recites his favorite passages to the camera. But like millions of businesses at the onset of COVID, it was on the precipice of collapse, turning to GoFundMe out of desperation. Let’s just say the community’s response is one for the books.

The feel-good story is a great example of how, through dedication and expertise, a businessperson can impact customers’ lives. And vice versa.

(Source: Instagram)

Celestial Seasonings Sleepytime is the bestselling specialty tea in history, moving 1.6 billion cuppas annually. Its 1973 hand-painted branding of a pajamaed bear napping by the fireplace is a grocery icon.

While some companies might be tempted to update a half-century-old illustration for the sake of modern aesthetics or a viral press release, Celestial Seasonings instead bearhugged it on Instagram, earning 120,000 followers. Turns out, they had the perfect mascot all along, considering Gen Z’s obsession with cozy culture, little treats, and “cottagecore.”

Celestial’s social team understood that a modern marketing strategy doesn’t necessarily mean starting from scratch, but rather finding ways to make legacy brand assets resonate in the here and now. Sometimes, what you need is (literally) sitting right in front of you.

Written by Jake Wengroff, Ali Saleh, and Dan Ketchum.