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Retention and Loyalty: Best Practice Guide
B2B Marketing, Feb 2011, Pages: 57
Loyalty is best described as a state of mind, which influences how they behave. Whilst a any number of attitudes, beliefs or behaviours may contribute to a feeling of loyalty, these can vary widely, can be quite unpredictable and may appear trivial. Loyalty is a composite.
Building and managing customer relationships is a perennial but critical business issue. However, it has been complicated by the arrival of the Internet and the resulting increase in competitive activity.
This must all be considered and customer research and satisfaction surveys are widely recognised as essential marketing tools. However, there are some fundamental lessons which most B2B organisations would do well to consider to optimise the effectiveness of such activity and so we address these in this article.
Marketing functions must ask themselves if they are gathering the more relevant data to inform their decision making. For example, do they know which 2 per cent of customers provide 60 per cent of their revenue? In other words, who are their key customers? Such information must be gathered from purchase information, however often surveys and questionnaires are the methods of choice.
The element in all of this is the marketing communications which in all forms can play a key role in helping maintain loyalty and retention. Benefits can include: making customer feel valued; sharing experience and expertise; creating and sustaining dialogue and promoting customer advocacy.
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