Customers, not just prospects, need courtship

We’ve heard a lot about consumer spending patterns in the recession and how it’s affected the high street. One interesting effect has been that people are less brand loyal as highlighted by a recent report from Experian. Customers are shopping around, trying out different products and brands. Interestingly, it’s not necessarily a price led decision. Customers are looking for overall value on everything they buy. Quality remains an important consideration, but the total value proposition needs to include factors such as good customer service.

This new, highly conscious purchasing mindset is likely to continue for a long time. Individuals are and will continue to be more ruthless in abandoning companies whose products or services are perceived to have ‘let them down’. This is equally true for business-to-business products and services.

In this environment, the adage it costs more to attract a new customer than to keep an old one has never been more true and businesses need to continue to invest in their customers and in the total brand experience. A carefully thought out marketing strategy must include existing customers as well as reaching out to new ones.

Of course, delivering the right product and excellent service is critical. But communication with the customer should not be neglected as a vehicle to enhance your company’s profile with them, build loyalty and open additional sales opportunities. Are they aware of your full portfolio of products and services? How are you making them feel special? Do you know if any of their needs changed?

Without a marketing strategy specifically aimed at these customers, the door is left open by a chink – and that’s all your competitor needs to get in and make in-roads.

To see the Experian report visit:

https://www.business-strategies.co.uk/sitecore/content/Header/Newsletter/April_2009/The%20Insight%20Report.aspx