How Much are Brands Spending on Customer Retention Strategies?

How are brands retaining customers? Carousel30’s research indicates that 85% of marketers have customer retention strategies, and although there are trends among the strategies, the budgets allocated for them vary greatly.

According to the research, 65% of marketing teams are using rewards programs to keep (and reward) customers, 65% are using social media and 64% are using 1:1 marketing. When it comes to budget allocation, 84% of executives polled devote less than half of their overall marketing budget to customer retention. What’s more, 40% devote less than 10% of the budget to customer retention strategies, but 57% stated they plan to increase the budget devoted to customer retention.

If these planned budget increases take place, they could help marketers improve their relationships with and understanding of their customers. Only 10% of marketers strongly agreed with the statement “I know who my most loyal customers are and I know the best way to get them to engage with my brand.”

What retention strategies has your brand used? Which have proven to be the most effective?