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Brand loyalty the key focus for senior marketers during the credit crisis
24 October – More than half of businesses are investing in growing brand loyalty among existing clients in the weaker economic conditions, according to new findings released by leading integrated communications agency Gyro International.
In interviews with marketing directors from a range of industry sectors, 51% said that they have increased their focus on loyalty marketing as the full effects of the credit crunch start to be felt, with 38% of this group saying that they have significantly increased spend in this area. Of those consulted no on had reduced their focus on brand loyalty and loyalty marketing schemes.
Gyro International also found that 83% of marketers are investing more in building or sustaining relationships with existing customers. With only 2% saying they had reduced investment in these relationships as a result of the unstable economic environment.
Commenting on the findings, Richard Perry, COO of Gyro International said: “The full impact of the credit crunch is just starting to be felt by the marketing industry. The comments from these senior marketing practitioners shows that companies are more aware than ever of the importance of brand loyalty. Instead of trying to secure new business, marketers are focused on retaining existing clients and growing existing client relationships in order to minimise the impact of the weak economy on their business.
Adding: “Establishing a good relationship with target audiences and creating brand loyalty is essential in ensuring that your business remains buoyant despite the market conditions, and the results emphasise this.”