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Wednesday, October 1, 2008

The Economy Tsunami - 3 Steps Your Business Can Use to Stem the Tide...

This just in...the economy is in the tank! Will loyalty/rewards programs offer a glimmer of hope to help retailers communicate relevantly with their most prized assets - their existing customers - and keep us buying?

All businesses, from SOHO to F500, are leery as consumer confidence continues to wane. As consumers, should all crawl into our respective holes, pull our money out of the banks and stop "consuming". What should we call ourselves if we are no longer "consumers"...hmmm, what is the antonym for consumer?

As business owners, retailers, marketers, etc. what practices will you employ to combat The Economy Tsunami? It's time to sink or swim and if your business is relying on what we call "pay & pray advertising", we'll see you next to the Titanic (cool exhibit if you get the chance to see it - again, I digress).

We hear it already "So, you with all the answers, what do we do?" Glad you asked! Here are your steps to riding out the wave:
1. Start identifying your customers - You must find out who your faceless/nameless customers are.
2. Stop marketing to all your customers the same way (segmentation!) - We're not talking about poor customer service here, you should always have great customer service. We are talking about distinguishing between your High Value Customers and Low Value Customers. NEWSFLASH - Your customers represent different economic values to your business, some high and some low (a customer portfolio really). Speak to, and offer promotions, to each customer segment that reflects their value to your business. Would you sink millions into a low value stock - duh! Don't sink your precious dollars into poor performing customers.
3. Automate as much as possible - Yes, we have the tools to help you do just that and much more - come and take a look!

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