BEST PRACTICE: Recession drives new focus on customer loyalty
How B2B marketers can focus on customer loyalty during recession
As the grip of recession tightens, companies are becoming increasingly nervous about ploughing money into the costly, and in this climate often shaky business of acquiring new customers. Add to that the threat from aggressive competitors in this dog-eat-dog environment, and it's understandable why retention strategies have replaced acquisition strategies at the top of many marketers' agendas. Keeping your current customers on-side has never been so important for many B2B brands.
Loyalty campaigns may once have been the preserve of consumer marketplaces we can all name supermarket chains and petrol companies that put the concept to good use, and more recently you can't grab your morning coffee in any of the big chains without being offered a stamp on your 'buy-six-get-one-free' loyalty card. But increasingly B2B businesses are turning to loyalty campaigns to incentivise their business customers to stay.