How should our approach to customer loyalty change during a recession? Can you offer any advice or tips we can apply immediately?
If anything, an economic slowdown should be a signal for smart companies to get more aggressive in building loyal customers. Why? One good reason is that most companies will cut back their investment in sustaining
building customer value
. A fragment of ancient Asian wisdom says that "in confusion there is opportunity," so becoming more focused on
building customer trust
during challenging times will reap long-term rewards. Companies need to better understand what rational and emotional value components customers consider priorities, and over-deliver on them. While competitors are standing pat or retrenching on such initiatives, the more enlightened companies should prosper, immediately and over the long-term.
Editor's note: Get tips for keeping customer loyal in a down economy.
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