Year: 2023 | Month: December | Volume 68 | Issue 4
Marketing Сommunication during the Crisis: Strategies for Customer Recovery and Retention
Andrii Dligach
Sergiy Tegipko
Iryna Zamula
Tetiana Arestenko and Viktoriia Vasiuta
DOI:10.46852/0424-2513.4.2023.32
Abstract:
During an economic crisis, customers’ purchasing ability decreases, and company revenues become
unpredictable. However, the crisis is not always a negative phenomenon and a profit decline but a
chance to improve the company’s performance. Innovativeness, client orientation, customer retention,
and close interaction with them are key to business development success. The article complemented
the theoretical aspects of crisis management. It also substantiates the importance of strategic marketing
and the formation of marketing strategies in crisis management. The authors highlighted the causes
of customer outflow and the increasing importance of customer retention. The paper identified and
substantiated the basic principles and methods of building an anti-crisis marketing strategy for customer
recovery and retention. The authors indicated the main goal of the strategy, which is to increase profits
and reduce the cost of attracting new customers. They also described the indicators for evaluating the
customer retention process. The study analyzed the concepts, strategies, and tools for customer recovery,
retention, and acquisition and identified their features. Their application in the practical activities of a
company during a crisis period was grounded in overcoming crises and promoting successful company
operations in the current and future periods.
Highlights
- The study emphasizes the vital role of strategic marketing in crisis management within the uncertain and challenging competitive market environment. It highlights the need for strategic marketing to address both external and internal market changes, including shifts in consumer needs, supply and demand, increased competition, and technological advancements.
- The research focuses on effective strategies for customer recovery and retention during crises. It advocates for the practical application of the sales funnel concept and retention marketing, utilizing tools like discounts, bonuses, gamification, and email marketing. The study introduces Digital Marketing as a comprehensive approach to customer interaction in the digital environment, enabling businesses to adapt strategies based on data analysis and customer behavior.
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