Tough economic times hit businesses hard. Budgets, staff and programs get cut, leaving minimal resources to allocate for additional spending, including client retention. Executives are forced to make difficult decisions on where to spend company funds, and budgets that are perceived as being extraneous are some of the first to be cut.
However, an economic downturn is no time to scale back on maintaining and building relationships with your clients. Abandoning your client retention strategy will cause your brand to lose ground and make it difficult to bounce back when conditions improve. As a business owner, you should be looking to invest more in ways to draw in and retain customers. While the competition is busy scaling back, you can move in and stake your claim with a core group of clients who will remain loyal to your business no matter what the economic atmosphere.
The Importance of Customer Retention
Business owners agree: customer loyalty rates are falling. Competition is fierce and economic hardships hit everyone from individuals to corporations. Company executives are keeping a closer eye than ever on the bottom line and becoming more discerning about where they spend their money. When budget cuts loom, the hunt is on for cheaper options and opportunities to slash spending wherever possible. Continue reading How to Keep Your Clients During Economic Downturns