In a Recession, Retention Marketing Should Become Acquisition Marketing
With today’s economy creating a difficult environment for winning new clients, small businesses are focusing on retaining the customers they already have.
The Wall Street Journal recently covered the growing trend of small companies focusing attention on retention marketing tactics over attracting additional business. According to the article, “some companies are allowing regulars to stagger payments or place smaller orders, and even throwing in free services to keep long-time customers interested. With fewer new clients coming in, small businesses hope that holding onto regulars will help maintain stability and possibly boost sales when the economy bounces back.”1
Tread water to survive until the market turns around seems to be the message of this article. However, focusing on retention marketing shouldn’t mean forgoing acquisition efforts. In fact, a well executed retention plan should expand business.
http://junctionmedicalpractice.co.uk/practice Reach Out to Your Database
Now is an opportune time to reach out to old/former clients and customers with a targeted message and campaign. Always keep the lines of communication open with your customers and clients.
http://wisdomspot.org/page/8/ Offer Loyalty Discounts
No matter the industry, repeat business and bulk discounts can increase revenue and offer value to your customers.
http://skywaysmedia.co.uk/design Sales Follow Up
Following up on any new business is a great way to turn a new customer into repeat business.
1 Cordeiro, Anjali, “In Dry Times, Companies Coddle Their Regulars,” The Wall Street Journal, http://online.wsj.com/article/SB124571863733739347.html (June 2009)