Customer retention 'a priority' during downturn (11 Sep 2008, The Wise Marketer)
The Wise Marketer - Home Subscribe to our RSS feed!   Share it!   
Email this page to a friend! Tweet this! Share this via LinkedIn! Share this on Facebook! Share this on Google Plus!
  Mobile Edition Tablet Edition
   The Wise Marketer          Customer Strategy Network             Log In          Register for Free   
  
Stay up to date with What's Hot in the world of Customer Loyalty and Marketing All the latest Customer Loyalty and Marketing News and Developments worldwide - just the facts Facts, Figures and Stats to support your Loyalty, Engagement and Marketing initiatives Opinion and Analysis from the world's most respected Customer Loyalty and Marketing luminaries
The Loyalty Guide - the only complete global Guide to Customer Loyalty, Engagement and Marketing Feature Articles and How-To Guides by the world's most respected Customer Loyalty and Marketing experts Details of the top Customer Loyalty and Marketing Conferences worldwide Search The Wise Marketer from top to bottom!
   The Wise Marketer   
   Loyalty Companions:    Retail    Supermarket/Grocery    Coalitions    Hotels    Airlines    Banks/Cards    B2B   

Get your headlines by email every Thursday - Free!

Customer retention 'a priority' during downturn

   
Swap to the printable version of this page
Print!
 

Thursday September 11, 2008                      Tweet this article

 


Companies are prioritising customer retention in the face of the economic downturn, with 34% rating it as their main current concern while only 8% are focusing on customer acquisition, according to a survey of European businesses by predictive analytics software firm SPSS.

The result is a dramatic turn-around from previous years, when 40% of businesses rated customer acquisition as their main concern.

Due to the current economic climate, customer attrition is high. As acquiring customers is often much more costly than retaining them, businesses have been forced to address the need to hold on to and grow existing customers, rather than constantly seek new sales.

As a result, 68% of respondents also believe that collecting and analysing customer feedback to build better relationships will be a crucial business tool in the next two years to retain customers and increase customer satisfaction.

"The shift in the market is not surprising," said Haydn Lewis, SPSS vice president for EMEA. "In the past few years, companies have been stuck in a cycle of customer acquisition and loss. Previously, customers were much more loyal to one brand but this has recently been replaced by a constant search for the cheapest deal. Analysing customer feedback can help determine what makes someone switch suppliers, and then prevent it from happening in the future."


More Info: 

http://www.spss.com

> The Customer Loyalty Marketing Guide

Tell a friend about this article Tell a friend   or   Tweet this article

In related news...

Have your loyalty news delivered - free.

Get all the most important customer loyalty and marketing news by email every Thursday, and it's still absolutely Free ...
Sign up!

 

What is The Wise Marketer?

We're the only truly unbiased, global source of news & research for customer loyalty and marketing professionals...   Join Free Here

Join nearly 15,000 other loyalty and marketing professionals and get our free weekly news roundups...

Sign Up For Free

See The Loyalty Guide 6 up close, and find out how to increase profits and market share with more effective loyalty marketing!

Subscribe and follow...

Get our free weekly newsletter
Follow us on Twitter
Access our RSS news feed

Hot off the presses...

What's been happening recently?

Are traditional surveys out of the marketing mix? - It is widely accepted that the holy grail of successful customer engagement can only be achieved through delivering a truly customised and personalised customer experience at every touch ...
Live Nation Canada teams up with Air Miles - The Air Miles programme in Canada has teamed up with live entertainment company Live Nation Canada to offer a range of entertainment event-related benefits to Air Miles collectors, in the form of ...
Personalisation poses tricky 'data vs value' questions - Consumers are ever-more brand-savvy and they increasingly want to be 'appealed to' on a true one-to-one level, according to Katharine Hulls, VP marketing for Celebrus Technologies, and ...
5 Ways to Connect Loyalty to Business Results - Finding, keeping and growing the value of customers is the job of marketing, if you listen to Phil Kotler, a distinguished marketing professor and author of over 55 books on the subject. The ...
Mobile wallet use has nearly doubled since 2013 - While mobile wallet and wearable technologies are set to expand rapidly in popularity among consumers, and the fact that mobile wallet usage has nearly doubled over the past two years, there ...
Who should travel brands target this summer? - Today's traveller has evolved, their expectations have changed, they are more demanding, more aware, driven by technology. There is no simple way for loyalty marketers to pinpoint customers ...
C-Suite must lead Customer Engagement strategy - C-suite led customer experience (CX) initiatives can increase revenues and customer satisfaction while reducing costs, according to a study conducted by the Economist Intelligence Unit (EIU) ...
Curing 3 common real-time marketing mistakes - There's no doubt that the proliferation of mobile devices has excited the marketing industry like few innovations before. In fact, a study of more than 1,800 Millennials (aged 18-36) found that ...
Loyal Waitrose customers to pick own discounts - UK supermarket group Waitrose is to give its loyal customers the ability to choose which groceries they want to save money on every time they shop, whether they are shopping in-store or ...
How to unlock the power of your customer data - One of the main goals of marketing is to relate to your audience. Without understanding who your customers are and what makes them tick, it's difficult to communicate in a way that is both ...
Digital customers to double luxury sales by 2020 - Consumers with digital identities will exert a significant influence over half of all luxury product sales, and the distinction between specialist boutiques and online stores is already ...
Customer Loyalty - Dead Duck or Brilliant Plan? - Consumer empowerment is a phrase most marketers hear regularly but few have grasped just how far reaching its implications are. It means that customers are leading the way in their ...
Marketers must use data wisely to build customer trust - Marketers must do even more to use their customer data to build customer trust, according to a joint EY and Forbes survey examining how companies need to leverage real-time data and ...
Email is vital to Indian retail marketing, study finds - More than 85% of India's retail marketers cited email as being an important channel in their overall marketing mix, with email marketing continuing to be placed in the top three online ...
Staples Advantage Canada teams up with Ital Florist - Staples Advantage Canada, the business-to-business division of office supplies retailer Staples Inc. has partnered with Ital Florist, a national online flower delivery service, to offer ...
Linking data cited as biggest marketing challenge - Digital marketers are facing an on-going battle getting to grips with the huge amounts of data they have to work with, according to an annual global study by Experian Marketing Services ...
Millennials revolt against impersonal digital overload - Millennials are the generation most likely (in fact, 44% more likely) to permanently disengage with brands if they receive high volumes of mass, generic email communications, according ...
Millennials want more seamless digital couponing - CPG retailers and brands must adopt digital coupon redemption experiences that are automatic to reach millennial shoppers, especially those with children, because they find most digital ...
How digital engages customers in the not-for-profit arena - No matter what industry you are in, engaging with your customers, members or audience is vital to the success of your organisation. In today's technology-driven society, this means ...
Fuel rewards alone can't cure grocers' loyalty problems - Fuel reward programmes have been enticing customers for over a decade only to evolve into table stakes in some markets. With sales in decline, grocers are beginning to explore the ...

  ... Never miss anything important - join nearly 15,000 marketing professionals and get our free weekly newsletter, written by marketers for marketers - sign up here!

 

   Loyalty Companions:    Retail    Supermarket/Grocery    Coalitions    Hotels    Airlines    Banks/Cards    B2B   
  
                                            
   The Wise Marketer   
   Published by Wise Research Limited. Copyright © 2000-2015 The Wise Marketer. All rights reserved.   
The Wise Marketer - Home Subscribe to our RSS feed! Share this on Facebook! Share this on Google Plus! Tweet this! Share this via LinkedIn! Email this page to a friend!