Marketing on 6th Urge Businesses to Focus On Customer Loyalty As Consumer Confidence Continues to Decline

    NEW YORK, NY, November 20, 2013 /24-7PressRelease/ -- According to an article at Bloomberg.com, the Conference Board's index decreased to 71.2 from a revised 80.2 in August this year. The median forecast in a Bloomberg survey of economists announced a drop in October to 75, which makes it the weakest in six months (Bloomberg.com). Colm Horgan, Managing Director of Marketing on 6th, says: "This is a setback for many businesses. It is therefore very important to focus on how to assure continuous business growth."

Colm Horgan believes that it is crucial to look for the cause of the declining figures. "If we want to tackle the issue, we need to determine why consumers are less willing to buy," explains Colm Horgan of Marketing on 6th. According to the Bloomberg article, the partial shutdown of federal agencies for half of the month in October 2013 has pushed consumer expectations to a seven-month low as the economy shows signs of cooling. Even the upcoming holiday sales might be at risk, taking limited employment and wage gains and the prospect of another budget battle early next year into consideration (Bloomberg.com).

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"People are doing more research and basing their purchase decisions on logic," says Colm Horgan of Marketing on 6th. Michael Brown, economist at Wells Fargo & Co, says in Charlotte, North Carolina: "What we are seeing is more hesitancy among consumers given the fiscal policy uncertainty and the absence of confidence about future employment prospects." He projects a reading of 71.5 (Bloomberg.com). With the upcoming holiday season, Colm Horgan of Marketing on 6th expects consumers to be more conscious of their spending however believes by highlighting the benefits of a product and how it will satisfy the customer holiday sales should remain on track.

Businesses need to react now in order to keep up with competitors and to guarantee continuous growth. Colm Horgan insists that customer loyalty is the solution for ongoing success. "Businesses need to focus all their efforts on customer service, not only during the sale but also before and after. When customer confidence takes a hit it just means as marketer's we need to spend more time listening and engaging with customers in order to understand their requirements." Colm Horgan explains that consumers who do not feel well looked after, are likely to go elsewhere.

Marketing on 6th is a direct sales and marketing firm based in New York City. The company has a proven track record of increasing brand awareness, sales, consumer loyalty and customer retention on behalf of their clients. "Our sales force is meeting face-to-face with people. While having a friendly and welcoming chat, they gather feedback directly from consumers. This can be crucial as our clients can act on it immediately," explains Managing Director Colm Horgan. Marketing on 6th have consistently helped their clients to achieve ongoing business growth and have now been asked to expand into further markets in the first quarter of 2014.

Source:
http://www.bloomberg.com/news/2013-10-29/consumer-confidence-index-in-u-s-decreased-to-71-2-in-october.html

Marketing on 6th is an ambitious direct Sales force that links Fortune 500 companies to their future consumers, by developing effective ways to promote their clients products and services. For more business news follow Marketing on 6th on Twitter @MarketingOn6th

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