Are you focusing on the right marketing strategies to nurture and maintain brand loyalty in the wake of COVID-19?

On average, it costs five times more to acquire a new customer than to keep an existing one. With greater uncertainty than ever, its critical for brands to concentrate on building meaningful and sustainable customer connections.

In an article published in Destination CRM, Whereoware CEO Michael Mathias offers his thoughts on mindfully reducing risk of customer attrition and tactics to enhance customer retention.

According to Mathias, the key to winning customer loyalty is stand-out customer experiences that maximize personalization and segmentation.

The impact of COVID-19 is bringing rapid change to the retail landscape. On the latest episode of Confessions of a Marketer, Whereoware CEO, Michael Mathias, joins creator and host Mark Reed-Edwards to examine the times we find ourselves in and the shifting world of retail. 

Tune in to the podcast episode, Retail in the Time of Corona, as they dive into the latest headlines, discuss how retailers can pivot their marketing strategy, and weigh in on what the post-pandemic world will look like.

None of us, in life or in business, are immune to crisis. As the Covid-19 Coronavirus outbreak evolves, our norm is rapidly adapting – we’re social distancing, working from home, stockpiling hand sanitizer and paper goods. We’re stressed over our loved ones’ health, closed schools, and cancelled events.

It may not be business as usual, but for many, business moves forward. Some companies are sharing with customers how Covid-19 is transforming business operations. Many brands don’t have an update, but feel compelled to jump on the bandwagon – resulting in subscribers being inundated by very similar (and largely irrelevant) messages.  

Cancel everything is not a path forward. Instead, marketing during the Coronavirus means treading carefully. What’s the right chord between sensitivity, timeliness, and relevance? Should you be making a statement, what type of statement, and what else should you do in the weeks the world’s at a standstill?  

Pause and plan, but don’t panic: every business right now must ask and answer these questions, with their unique customers’ needs and interests in mind. We hope our strategic recommendations will help you navigate these murky waters and communicate more effectively.

Whereoware CEO Michael Mathias recently spoke with CMSWire about customer acquisition in 2020 and beyond. Mathias discusses purposeful growth and how to strategically attract new business.

“Growth for growth’s sake can lead to unintended consequences, such as acquiring customers who ultimately have undesirable lifetime value or attrition rates, or who just aren’t that profitable,” said Mathias.

Check out the original article, or read our recap below.