Customer Retention In a Down Economy

April 12, 2010 by
Filed under: Direct Marketing Strategy 

Customer retention is a great area of focus when times are tough.

Since many marketers have cut back on spending during the current recession they increased efforts in less expensive areas like customer loyalty programs.
Talk to your customers
When you think about how loyalty programs are implemented you must focus on dialog that takes place across all channels.  You can look to reach customers in different ways than you did before the recession.

Segment customer with testing discounts

Offering discounts to different segments by being more active with promotional activity, both added value-added discount offerings and facilitate customer dialog through different channels.

When the economy takes a dive you can try to get feedback from customers to discover what issues they have like shipping charges for online purchases by honoring discounts if they find the same product through competitors at a cheaper price.

Find what’s unique about your brand

Retailers and marketers without existing loyalty programs in place are taking a serious look at encouraging customers to buy direct through Website. This is something that can be tested and improved with customer feedback.

Marketers are now becoming more focused on the overall customer experience when times are tough, because their customers stick and come back to the brand.

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