Though this article is focused on the retail vertical, the strategies should apply across industries:
With a recession in full swing, cutbacks are being made. The latest Bellwether report from the IPA revealed the biggest fall in marketing budgets for nine years. However, in an economic downturn it is even more important to spend and use marketing budgets wisely. In the current climate it is easy to think the worst but marketing departments will still have money to spend.
With consumers tightening their purse strings and seeking cheaper alternatives, one of the best ways for marketers to spend their reduced budgets is on customer retention and development, i.e. focusing on the key customers – the 10% giving you 50% of your turnover.
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