Brand loyalty key during credit crisis, says Gyro

Gyro International has revealed research that suggests that brand loyalty is the key focus for senior marketers during the ongoing credit crisis.

The company conducted interviews with marketing directors from a range of industry sectors.

51 per cent said they have increased their focus on loyalty marketing as the full effects of the credit crunch begin to be felt, with 38 per cent of this group saying that they have significantly increased spend in this area.

None of those interviewed as part of the research have reduced their focus on brand loyalty and loyalty marketing schemes.

Gyro's research also found that 83 per cent of marketers are investing more in building or sustaining relationships with existing customers.

Only two per cent said they have reduced investment in these relationships as a result of the unstable environment.

Richard Perry, chief operating officer at Gyro International, said: 'The full impact of the credit crunch is just starting to be felt by the marketing industry.

'The senior marketing practitioners' comments show that companies are more aware than ever of the importance of brand loyalty.

'Instead of trying to secure new business, marketers are focused on retaining existing clients and growing existing client relationships in order to minimise the impact of the weak economy on their business.

Perry added: 'Establishing a good relationship with target audiences and creating brand loyalty is essential in ensuring that your business remains buoyant despite the market conditions, and the results emphasise this.

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