Taking into account that 80% of a company’s future revenue will come from 20% of their existing customers, it is extremely important to keep a healthy relationship with clients. John Nichols, vice president of account management at Personiv, joins host Lukas Cox to discuss business relationships.

Personiv’s growth has risen substantially based on customer needs. Nichols said that one of Personiv’s specialties is being “focused on knowing specific client needs.” He has worked with Personiv for many years and has been able to see its evolution over time.

Clients have an “expectation of continuous improvement," Nichols said.

That flexibility and being able to customize the program is the main ingredient in retaining client relationships. There is no set mold for retention for every client, he said, which makes flexibility even more important.

Businesses that boosted customer retention rates by as little as 5% saw increases in their profits ranging from 5% to a whopping 95%. The importance of retaining current customers is huge.

"The key to the positive feedback is being heard by the client," Nichols said.

He explained that his team will schedule weekly calls in order to make sure they are delivering on their promises, and that companies who use flexibility in their models bring confidence to their clients.

This episode of Business Class boards a plane for Las Vegas! 

There are plenty of reasons why people travel to Vegas, both for business or leisure. Our travel experts, Cameron Cooper and Tim Maitland, are here to help you navigate the wild west of sin city and make the most of your time in one of the most interesting cities in the world. 

"The first time I visited I really enjoyed this large-scale place that didn't even really feel real," Tim says. Cameron brings her tips for booking flights and hotels on the busiest weekends. 

All of that and more in this episode of Business Class!

This week's episode of Business Class takes us to the Catalonia region, in northeastern Spain, to the city of Barcelona.

Our travel gurus Tim Maitland and Cameron Cooper hit us with all of the travel tips you need to make the most of your time in the Catalan capitol, including the best way to enjoy tapas and where to see some amazing architecture. It's all ahead in this episode of Business class!

This week's episode of Business Class takes across the pond for the first time as we explore the city of London.

Our experts, Tim Maitland and Cameron Cooper, bring you their unique insights on what to do, sights to see, and missteps to avoid! Cameron has some strong opinions on the food and Harry Potter, while Tim has a word of warning for anyone wanting to visit a pub to watch a soccer match.

It's all ahead on this episode of Business Class!

Welcome to Business Class, a brand new travel podcast from MarketScale! We're excited to bring you tips and tricks from our travel experts to make sure your trips, whether for business or leisure, go smoothly.

For our first episode we're taking off for New York City. Cameron Cooper and Tim Maitland give you their insights on the Big Apple, like what to see, where to go, and what to pack.

Check back every Tuesday for a new episode of Business Class and get more insight from cities around the country and around the world!

Fifty-nine percent of customers believe their data is vulnerable to a security breach, according to a recent report by Salesforce. Consumers don’t trust global businesses to carefully handle their data, and when breaches happen the results can be fatal for companies big and small. For this reason, data protection is a high priority for the hotel industry, reliant on returning business and customer loyalty to survive.

On this podcast, we explored how the hospitality industry can protect customer data with Daniel Johnson, partner and co-founder of VENZA, a company specifically designed to guide hotels through the maze of data protection laws around the world.

Hotels collect consumer data with every booking. Be it paying for a room, signing up for loyalty programs, customizing dining requests, or reserving special services, data is collected in order to make the stay better. Johnson says to hoteliers—“Information about their guests is where the value lies.” Digital data is a hotel's greatest asset, which makes investing in data security all the more important.

Johnson co-chairs Hospitality Technology Next Generation, a conglomeration of representatives throughout the hospitality industry brought together to provide a working solution for global hoteliers to comply with data laws. By using a 12 step framework HTNG provides expert, practical guidance to the hospitality industry as they comply with data protection regulations, like the GDPR (General Data Protection Regulation) in Europe. Johnson described the framework as full of resources, like “FAQ’s for staff or for leadership, templates for agreements, and ...a prioritized approach.”

Consumer transactions will only become increasingly more digital and more international. In order to survive in the digital market, hotels must learn to keep up with data laws around the world and safely protect the user data that keeps their business alive.

Constant improvement and the desire to better oneself are hallmarks of many successful people. Those values are also at the heart of everything the Dallas Junior Chamber of Commerce does.

With a focus on personal and professional growth through professional development, networking and philanthropy, this business-minded group has been connecting 21-41 year old professionals in Dallas since 1918.

"I think the goal of the Chamber is empowering the community, giving back and creating a better environment for young professionals," said Rachel Bonilla, vice president of networking and philanthropy for the DJCC. She was joined by Olivia Wilmsen, vice president of communications, to discuss why joining organizations like the Dallas Junior Chamber of Commerce is so valuable for young professionals.

"We have these wonderful opportunities for you to grow yourself as a professional," Wilmsen said. "Maybe it's something where you're trying to find friends, or network your business, or see what else is out there in terms of career choices, but you also get to give back to the community."

We've heard a lot in recent year about the promise of new technology that will radically alter the restaurant experience. Tabletop technology like tablets for ordering and payment have been touted as game-changers for restaurants, allowing for increased ordering and a more efficient waitstaff. 

But, not everyone is sold on the revolutionary potential of this technology. On this week's episode of Business Casual, Daniel Litwin & Tyler Kern introduced a new segment called The Comments Section where they comment on business related op-ed pieces. 

What do they have to say about tabletop technology? Find out in this installment of The Comments Section. 

Tune in to Business Casual, MarketScale’s live radio broadcast, every Friday at 8 a.m. CST.

To quote the late great journalist, chef, and traveler Anthony Bourdain:

“Travel isn’t always pretty. It isn’t always comfortable...But that’s okay. The journey changes you; it should change you. It leaves marks on your memory, on your consciousness, on your heart, and on your body. You take something with you. Hopefully, you leave something good behind.”

Bourdain’s words reflect a reverence for the power of travel and exploring the unfamiliar. It is this feeling that inspired Adam Harris to use technology to revolutionize the way we travel today by creating the Cloudbeds software for boutique hotels.

In 2012, Harris’ business partner traveled to Brazil. He struggled to book unique, under-the-radar hotels and realized there was a demand for making small hotel operations more accessible to the public.

As the FIFA World Cup and the Rio Olympic Games loomed on the horizon, the duo saw an opportunity to make Brazil’s independent hotels available to incoming travelers with easy-to-use online software. Hotels that were once invisible to consumers became bookable with a click of a button.

Inspired by the “open table” online reservation service for restaurants, Harris created Cloudbeds for boutique hotels.

Millennials are changing the landscape of travel. Today’s young adults have changed their priorities from accumulating goods to accumulating rich experiences. The boutique hotel stay is part of these “experiences” that Millennials crave, which makes Cloudbeds particularly relevant to young travelers wanting a culturally rich vacation. From staying in upcycled tequila barrels in Mexico to glamping in Yellowstone National Park, unconventional stay experiences can make traveling exponentially richer.

With a passion for exploring and a background traveling to over 50 countries, Harris spoke with MarketScale about using tech to encourage new interactions and inspire cultural bridges, both today and well into the future.

It's that time of the year when we begin to trade in those winter coats and mittens for t-shirts and baseball gloves. As Spring Training gets rolling for teams across Major League Baseball, we take a look at the impact that Spring Training has on the hospitality industry in communities that host these teams. Kendra Pettis, Sports & Tourism Director for the city of Surprise, Arizona, joins the podcast to give us an in-depth look.