Building Brand & Retaining Customers, The Key Priority for Marketers

Building brand and retaining customers were identified as the two key priorities for marketers during Covid-19 followed by increasing brand awareness, acquiring new customers, and improving marketing ROI in a recent special edition CMO Survey (June 2020).

The survey focused on understanding the impact of the Covid-19 pandemic on marketing in companies. The key questions examined how marketing performance and leadership have been affected as well as expectations for the next year.

Keeping your customers happy has always been important

Happy customers are more likely to stay with you through tough times, refer others, and spend more money with you in the future. At a time when new business is hard to generate, existing loyal customers are the lifeblood of many industrial companies. 

According to the CMO Survey, 32.6% of the marketers surveyed identified “retaining current customers” as their key priority. The key to retaining customers during times of crisis is to demonstrate that your value proposition stacks up is necessary. You need to show that not only can your industrial company adapt to the new environment, but that what you provide will be critical in helping your customers adapt and thrive as well.

We have found it is critical to:

• Engage with your customers. Effective communications will help build and maintain connections with your customers. Effective communication means that every touchpoint in your business provides value to the customer.
• Manage expectations and help solve challenges. Provide your people with the tools and support required to help your customers with their key challenges, expectations, and requirements.
• Offer flexibility. Listen to your customers carefully and help quickly. It is up to your people to be there for your customers when they need you most, and help them navigate the new environment.

Building brand value that connects with customers

Your customers are going to judge you based on their personal experiences and what they hear. And while you can’t possibly make sure every single customer has a positive experience, you can ensure your brand responds in a positive way, show that you’re listening.

Owning up to any mistakes and fixing what can be fixed – will ensure your brand value connects with your customers. Give yourself a chance to actively reshape how customers think and feel about your brand because their opinions are necessary for your success.

According to the CMO Survey, 33.0% of the marketers surveyed identified “building brand value” as their key priority. What your brand stands for and who you are as a brand during the Covid-19 pandemic are crucial questions to answer.

We have found it is critical to:

• Create a business definition. Document your value proposition and brand promise. Have scope – you cannot be all things to all people.
• Develop a positioning statement. Establish your core focus (what you do), purpose (why you do it), and core values (how you do it).
• Conduct competitor and customer research. Determine what your competition is doing well and what opportunities they’re missing.
• Build a strategic plan: Develop your long term picture for both your people and customers. This will ensure your brand value is sustainable.

Building brand and retaining customers are always going to be critical marketing priorities for any industrial company, especially during Covid-19. It’s imperative to not only do what you can to keep your customers happy, and at the same time create a clear understanding of who you are, what you stand for, and how you will deliver on your promise.

If you are ready to get real results with your marketing efforts, let’s chat.

Related: Download your Brand Activation Guide

Other Reading: 6 Ways to Grow A Company

INDUSTRIAL BRAND ACTIVATION GUIDE

Learn how to activate your brand, increase brand awareness and engagement levels. You’ll need to consider 5 key questions to be customer driven, enhance customer experience and set your brand up to win for the long-term. It’s the brands that challenge, create change and have the ability to inspire the people around them who will win with their Brand Activation Strategy.

ABOUT THE AUTHOR

Peter Zafiris is an industrial marketer and founder of Industrial Ideas. Having built his experience in B2B marketing from the ground up, Peter understands what it takes to succeed with your marketing strategy. All client projects are personally managed by Peter to help industrials like you get the return on investment you deserve. Peter and team, work hard to become an extension of your business, to help you get the most out of your marketing efforts. Get your free 30 minute marketing consultation to learn more.