Customers Priorities in a RecessionBy admin | 13th October | Marketing Skills, Marketing Training
The Chartered Institute of Marketing runs regular ‘Marketing Trends’ surveys and, in their latest, they reviewed CRM – Customer Relationship Management and it’s return on investment. Their findings were really interesting and give an insight into customer behaviour in a recession:
They found that CRM is delivering the best returns on marketing investment. Because we live in uncertain times at the moment, customers seem not to be switching suppliers. In fact, they’re staying where they are unless they operate in a market which is very price-orientated.
Although people have been deferring replacement, particularly of large items such as cars, there is no indication of a change in loyalty – so CRM remains important.
They say that people buy from people they like. And CRM is all about building closer relationships with your customers. So, this strategy should work, regardless of the economic climate.
Tags: Chartered Institute of Marketing, CRM, customer behaviour, Customer Relationship Management, customers, economic climate, investment, loyalty, market, marketing, prioirities, recession, relationships, return on investment, suppliers, surveys, trends