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 Marketing Effectiveness |
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| Mature Market News - Thought Leaders and Noteworthy Events |
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The Value of Marketing for Long-Term Customer Relationships Studies show it's keeping existing customers, not attracting new ones, that helps your business most. Are you doing enough to encourage loyalty? Effectively communicating with a target market requires perception and skill, and the baby boomer market is especially challenging. Every demographic tends to receive messages differently from every other, and boomers have shown themselves to be exacting in standards, sophisticated in processing information. Baby boomers have rejected the often inflexible behavioral patterns of their parents' generation, however; they are open to new ideas presented intelligently and persuasively. Enthusiastic in embracing what meets with their approval, they are particularly attractive to marketers who know that high-quality products will inspire valuable customer loyalty in this market segment. Customer loyalty is an eminently worthy goal for businesses. Research has shown that it's five times more cost-effective for companies to retain current clients than to attract new ones. Moreover, in today's business world, 80% of your sales are likely to come from 20% of your clients. Despite this, most marketing and ad campaigns still focus on generating curiosity and drawing in new customers. Consider, for example, the tactics of many phone service providers. In signing up you are typically awarded a special discount or rebate; some wireless networks even present you with a new cellphone. Existing customers, meanwhile, continue paying full rates, often without even a limited-time offer to break the monotony. Is it any wonder some phone customers bounce from company to company's introductory offers with relish that borders on spite? It may be time to review your strategies and ask how well your company serves its existing customers. Large conglomerates, not surprisingly, have difficulties establishing relationships with their consumer base. Online commerce can further distance client from seller. Customer loyalty is becoming an increasingly rarer condition – meaning the business that succeeds in fostering it will enjoy a bigger edge than ever. Just ask Starbucks, JetBlue, or Washington Mutual. Sophisticated technology has made it possible for companies to establish database marketing programs that will keep them in touch with their customers, but relatively few are taking advantage of these opportunities. Even a superstore, using such technology, can keep information on the names and preferences of thousands of customers. Used to best advantage, this information can be used to re-establish contact with customers who have drifted away and increase retention, repeat sales and referrals among current clients. Initiatives must be carried out with the customer in mind. Make sure your target market understands you value them: give them rewards and incentives they will appreciate, rather than "junk mail." Membership cards and member discounts, helpful customer service, thank you statements, customer surveys and event-oriented communications are all great ways of bringing home loyalty. How can companies get and keep clients? The market is quite possibly offering up more opportunities for innovative thinkers than ever before. Don't squander such a lucrative marketing opportunity by failing to sustain the interest of your target market once you've got their attention. Back To Mature Market News → Go To The GenerationTarget.com Mature Market Bookstore → |
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