Shift Budgets Toward Word-of-Mouth, Social Media & Customer Intelligence in Recession

I came across an interesting report, Jaap Favier’s “Recession Marketing”, this morning which suggests marketers should shift budgets from client acquisition to client retention.

It shows findings that in a recession, consumers look for brands that they know and that support their need to connect to their peers. It suggests in these economic hard times, brands can benefit by focusing more on client retention and upsell than on acquisition by shifting 2009 budgets away from awareness media like TV and toward customer service, word-of mouth marketing and social media, and customer intelligence.

It shows marketers a unique opportunity to enhance loyalty during the recession if they:

• Communicate trust and comfort
• Enhance the cross-channel experience
• Identify and get in touch with your brand advocates

It’s wroth reading: Recession Marketing (Warning: PDF file)

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Tagged as: cross channel, customer intelligence, recession, social media, upsell, WOM