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Why does it take a difficult economy for most businesses to wake up and realize how important their current customers truly are? The truth is, many marketers and business executives are so consumed with "new business" or "acquisition campaigns" that they fail to take the appropriate steps to strengthen the bond they have with existing customers. That is, until hard times hit and they realize that the true lifeline of a company is... its customer base.
Extensive research shows that satisfied customers tell between 4 and 10 people about their experience. Are you making the most of this mathematical equation? Advertising Age research shows 71% of customers claim that "word of mouth" was a top consideration when deciding to purchase a product or service from a company. Are you doing everything you can to ensure customers proactively promote your organization to others?
As you prepare your 2009 marketing plans, be sure to include consistent customer loyalty and retention marketing programs.
It could be the difference between success or failure in the coming year.
Tags: customer loyalty