By now, most economists agree that we have entered “The BIG L”, a long, slide down that is accompanied by a long period of flat or low economic activity. Some economists even believe that we could be headed into a depression by 2011. Unfortunately, the end most likely won’t be good since we are still trying to find our way out by printing money, issuing Treasury Bills, and bailing out inefficient businesses.
As a result, Marketing Departments are continuing to cutback. However, companies need to focus on making smarter investments in customer retention. Customer retention strategies must address consumer trends toward less expensive product and service alternatives. Corporate budget decisions must focus on reaching those customers who are most likely to leave. When customers alter their purchase behavior, they may be lost forever.
Marketers can initiate a number of strategies to counter customer defection. Some strategies include adding new product lines and incentive programs. Highly targeted direct marketing campaigns that utilize customer profiling analytics can also help retailers. Maintaining a communication strategy with churning customers is also important since low priced retailers will try to retain their new customers once the economy recovers.
Your Retention Solution
THE MARKETING ANALYSTS provides a complete solution to your customer retention needs. With our advanced technologies, we conduct sophisticated customer profiling and identify cross-selling and up-selling opportunities. Our services recommend the best strategies to retain customers and provide maximum ROI. Whether you need a single service or an integrated approach, we have the flexible solutions that can improve customer satisfaction, retention, loyalty and value.