While many signs point to economic recovery, companies will need to work harder and smarter to find and capitalize on growth opportunities. In an environment undergoing profound change, the face of Marketing is changing.
According to the Accenture Marketing Executive Survey 2011, nearly eight in 10 senior marketing executives noted growing profitably was most important to their current marketing strategy. To support this renewed focus on growth, improving customer retention loyalty was cited as the most important business issue to address by 79 percent of marketing executives. The most important key aspect of this transformation is a heightened focus on building customer-centric loyalty in a rapidly changing consumer context.
Changing playing field: Is consumer loyalty truly a relic of a past era?
Marketing has a greater role than ever when it comes to returning companies to profitable growth—and the key will be developing a new, nimble and customer-centric approach. With fewer than 50 percent of consumers declared themselves to “feel loyal” to the brands they purchase, Marketing executives acknowledge the fact that they are increasingly challenged by major changes in their customer bases. The economic downturn significantly altered customers’ overall purchase behavior and what they want and expect from (their) providers, especially in terms of product quality, more value for their money and customer service.
Today’s customers are generally better informed, less influenced by conventional brands, and more likely to assess brands based on their own experience or the experience of their acquaintances. Customers are also increasingly aware of their power, as well as their value, and are not shy about exercising this power.