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With so much competition for the consumer dollar, customer retention has become a growing area of focus for businesses. According to a recent study by Acxiom and Loyalty 360, 85% of businesses use customer retention strategies focusing on an array of things from rewards programs to 1:1 marketing. When it comes to budget, 84% of executives polled devote less than half of their overall marketing budget to customer retention, and 40% devote less than 10% of the budget. However, 57% stated they plan to increase the budget devoted to customer retention.
The key to successful customer retention is to make customer loyalty the backbone of the organization—not just something marketers focus on. Only 10% of marketers strongly feel they know who their most loyal customers are and how to get them to engage with their band, proving customer retention and engagement is a field many organizations can improve upon.
Loechner, Jack. (April 4, 2012). Research Brief: Keep 'em Comin' Back. MediaPost Blogs. Retrieved from http://www.mediapost.com/publications/article/171497/keep-em-comin-back....