According to a study by the SAS, customer loyalty still reigns supreme. More than half (55%) of surveyed B2B organizations stated that they currently have an in-house department whose primary focus revolvesaroundcustomerretentionandloyalty.Of these, 94% reported that there was senior level executive buy-in for creating such a department. Furthermore, more than one-third (36%) of respondents indicated that their customer loyaltydepartmentwas under the direct supervision of the CEO; 21% under a Sr. VP or VP of Marketing; 15% under a Sr. VP or VP of Sales.
While nearly one-third (29%) of respondents didn’t know the exact size of their company’s budget for customer loyalty programs, most (38%) estimated a budget of less than $100,000. And on the other side of the coin, 13% have budgets that ellipse $2 million.
Slightly less than half of B2B organizations (47%) use customer satisfaction or loyalty metrics to measure the success of their campaign. And slightly more than half (52%) of responding companies have indicated that their marketing campaigns are based upon highly defined customer lifecycle or voice-of-the-customer programs.
In all, most companies recognized the importance of a strong customer loyalty program. After crunching the numbers from 2010, they’ve discovered thatthemajority of new sales come from existing customers; and even though only half of those polled have customer loyalty departments, the overwhelming view point expressed by respondents is that customer retention should be the focal point of any sound business. For more stats and figures about this year’s trends in customer loyalty, check out the full report by SAS and Loyalty 360.