How to keep your best customers in a tough economy

Share this content:
How to keep your best customers in a tough economy
How to keep your best customers in a tough economy
Your loyal consumers are your best asset and will help you weather the storm during tough economic times. Ultimately, it is this group's experience with your brand, products, and people that will keep them loyal and encourage them to tell others about you. So what are you doing to make sure that your best customers not only remain engaged but perhaps even increase their spending?
Changes in consumer behavior often signal that it is time to re-visit your current customer segmentation strategy. Let's say customers in your top segment typically spend $1,000 a year; now assume that the economy forces these customers to spend only $800 a year. Does that mean they are no longer your best customers? More likely, it means that you need to re-assess how you define your best customers. Those $800 spenders are still loyal customers – tightening their belts, but not ready to give up their VIP status. By adjusting your parameters to reflect the changing environment, you will avoid alienating your core customer base.
Consider what the impact on sales would be if you could motivate a percentage of your top customers to purchase one more item per visit. Implementing a cross-sell promotion to drive the purchase of one additional item or a bounce-back offer to incent an additional visit can have a significant sales impact. And don't your VIPs deserve exclusive benefits? Make your loyal customers feel special and the results will speak for themselves.
Not all brand advocates need a specific reason to tell their friends and family how much they love you, but it can't hurt to give them a nudge. With new customers getting harder to acquire, word-of-mouth marketing through your best consumers may be the most tantalizing. Give them something fun or valuable to share, or create a “refer-a-friend” program that provides VIPs with an incentive based on opt-ins or purchases. If you're feeling ambitious, provide your best advocates with the ability to sell on your behalf via blogs and social networking.
There are many ways to create a dialog with your customers. Get their feedback on your site, customer service, or e-mail program by using a satisfaction survey. Enhance transactional messages with product review options, testimonial forms, and acts of gratitude for their business. Or create a preference center where customers can tell you more about themselves. Give your customers a voice and they will reward you for it.
Whether explicitly or implicitly, it is critical that you react to the feedback you receive from your best customers. Be ready to respond to concerns that could lead a loyal customer to become a detractor. And finally, don't let once-loyal customers slip away. Reach out with an incentive-laden reactivation trigger at the first sign of activity drop off.

Next Article in Email Marketing

Sign up to our newsletters

Company of the Week

USAData helps businesses find new customers and grow their current customers through a combination of data and digital marketing services, and easy-to-use SaaS technology products. We enrich customer data so businesses can more effectively target and communicate with customers, and connect them with their best look-alike prospects through digital and traditional channels. We make it easy through simple, self-serve applications and APIs, as well as through full-service programs managed by our Data and Digital experts. 

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above