#KeepingCRESocial by Sarah Malcolm: Baby, Come Back! Win More Repeat Business with Social
Who is more important: the customer you don’t have or the customer you do have? Even though we invest tons of marketing power in reaching new potential customers, the data makes a case to invest more into the customer you’ve already won over. For instance:
The Gartner Group found 20 percent of your existing customers will be responsible for 80 percent of your profits.
Adobe’s The ROI from Marketing to Existing Online Customers found in the United States, repeat or returning purchases are responsible for 40 percent of revenue, but represent just eight percent of visitors.
An oft-cited report from Bain & Company and Harvard Business School found increasing customer retention rates by 5% increases profits between 25 to 95 percent.
So how do you win over these existing customers? It’s going to take more than a loyalty bucks program to woo repeat business. Turn to social media makes keep clients engaged with the brand. Apply these strategies to keep winning over existing clients.
#1. Use multi-channel campaigns
Your customers are everywhere, and it’s up to you to reach there where they are. Consistently market your promotions across all owned platforms, keeping timeliness in mind to improve reach.
#2. Demonstrate excellent customer service
People leave feedback, good and ugly, all the time on social platforms. Respond to everything! Build customer trust and understanding by proving you’re listening and responding. Dissatisfied clients are likely to tell 22 people about their bad service, while satisfied clients tell nine. Social is how you prove to the world you have amazing customer service.
#3. Build relationships
Not all of your social media work is posting original content or delivering outstanding customer service. The third slice of the pie is interacting with the greater community. Participate in groups, in Twitter Chats or in AMAs. Host special social media events and invite your community to join the fun. Comment on follower or influencer posts even when they’re not mentioning your brand.
#4. Personalize social campaigns
Adobe found content marketers may need to target prior visitors more than we thought to get them to return. The options social platforms have today really allow us to personalize the content for all our followers for maximum impact. Use targeted social media campaigns to personalize the messages prior customers or current social page followers.
It’s quick and easy to see benefits from lead generation campaigns. Customer retention takes longer to show benefits. Tracking the benefits of loyalty programs or customer relationship building is trickier to measure. If the research is right, using social for keeping clients engaged will pay off as part of your long-term content marketing strategy.
Need help with your social media strategy?
Contact email@example.com to learn more. We manage some of the BIGGEST brand’s social media in CRE and more importantly WE GET RESULTS. Can I get an AMEN!?
If you are interested in booking Sarah Malcolm as a speaker feel free to reach out directly at firstname.lastname@example.org.
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