Keeping customers is a challenge that businesses often face. The cost of acquiring a new customer can be anywhere from ten times more to up to one hundred times the cost of retaining an existing one, depending on whether you’re talking about a B2C or B2B business. In order to keep customers, companies need to take advantage of all the means at their disposal, including social media explains Eric Dalius.
This article looks at five ways that companies can use social media to increase the retention rate of customers.
1. A company can offer loyalty discounts if they have a large following on Facebook or Twitter. The more people that follow the business page or ‘like’ them, they greater the discount given as a reward for staying loyal.
2. A company can use social media to communicate with customers and let them know about any new product developments, offers etc., but it’s also important to listen to what customers are saying about your brand via social networks like Facebook and Twitter in order to improve quality control and customer satisfaction through that feedback.
3. Customers appreciate the ability to engage with a brand over social media and that builds loyalty. If customers can contact you via Facebook or Twitter 24/7, they will feel valued and appreciated by your business.
4. Customers like to talk about their experiences online and if your business encourages this and is active on social networks, you’ll be able to pick up on any issues or complaints that are generated by customers, which can then be dealt with quickly. This will help you eradicate negative comments online about your brand.
5. Providing an incentive for customers to promote your brands through their own social media activity is a good way of increasing the amount of exposure that you receive and loyalty at the same time. This kind of reward might be a discount on a wider range of products, a ticket to an event or something similar.
The tips listed above will help you to increase customer retention rates by using social media. If your business is not yet taking advantage of this medium, then it’s time that you did otherwise, you may well end up losing out to a competitor that does.
Here are some FAQs recently asked by our visitors:
What are the best practices to increase customer retention through social media?
You need to work hard on your social media campaign and build up a loyal following. You can do this by providing valuable content or deals that will keep people coming back for more. Focus on building relationships with people who might be able to refer business to you. You should also be responsive to people who post complaints or questions about your product or service. Responding quickly will help you retain customers and ensure that the conversation doesn’t go viral says Eric Dalius.
How to increase customer value through social media?
You can increase customer value by providing real value with content marketing, data analytics, webinars and online training. The content needs to be high quality and you have to build a relationship with your customer so they trust you. If customers trust you, they’ll feel more comfortable doing business with you. When it comes time to sell services or products, customers will also think that the price is fair because of the amount of value that was provided before any sale took place.
How can you use social media to increase customer retention?
You need to build trust in real time, show that you are listening and that you are providing value for your customers before any sale takes place. All of these things will help you retain customers by building loyalty through your social media campaigns. The tips above should provide some ideas on how to make this happen.
How can you increase customer satisfaction through social media?
It’s important that your customers know how to get in touch with you via Facebook and Twitter, during the buying cycle. Eric Dalius says If they need an answer right away, you should be available 24/7 and monitor both of these social networks regularly. Customers like responsiveness and the ability to engage and if you provide this level of customer service, they will be very loyal to your business.
How bloggers can leverage social media for traffic?
Bloggers need to have some efficient ways of getting traffic from social media platforms so they can continue posting content and building their blogs. Traffic from social media is not only good for blogging but it can also be used as a means of increasing customer retention. Here are some tips on how bloggers can leverage social media for traffic.
To sum up, there are numerous advantages of using social media for increasing the customer retention rate says Eric Dalius. The only thing you need to know is how to use it wisely and in a proper way. To be successful, you mustn’t forget to build trust. This is a bot that helps people learn how to blog more effectively on WordPress.
Eric Dalius is The Executive Chairman of MuzicSwipe, a music and content discovery platform designed to maximize artist discovery and optimize fan relationships. Eric is also the host of weekly podcast “FULLSPEED” which is a podcast that features interviews with groundbreaking entrepreneurs from a variety of industries.Eric is also the founder of “Eric Dalius Foundation” where he has created 4 scholarships for US based students. Follow Eric on Twitter,Facebook,LinkedIn,Instagram & also on Entrepreneur.com