When you wish to significantly decrease your costs of customer acquisition, the best way to do so is to work on the cultivation of your relationships through social media. This increases the amount of customers you retain and produces a major boost to a company’s bottom line.
Why Is This Important?
From a cost standpoint, retaining a customer you already have is much less expensive than recruiting a new one. The bulk of a company’s income is derived from the customers who are already on hand and even the slightest increase in retention can produce a significant increase in profitability.
Social media has blown the doors off the company/client relationship. With 24/7 access, there is no longer any excuse for a business not to build a lasting relationship with consumers. The following methods will help a business to do just that.
1. Embrace Those Who Embrace You
Customers who loudly advocate for your products are the base that must be retained and their needs should come first and foremost. Social media is a great way to provide these customers with a place to speak out about their experience with you and voice their loyalty. This allows a kinship to develop, which spurs continued brand loyalty over the long haul.
Encouraging fans to share their stories allows a corporation to become endearing and allows consumers to feel as if they are a integral part of the process.
2. Deliver Quality Customer Service
Facebook is a great way to communicate directly with customers who are having issues or need questions answered about your product. When you use Facebook to respond directly to these concerns and deliver factual, helpful information, this engenders increased customer retention.
Even when a business cannot afford to provide a 24/7 social media staff, providing the tools to enhance the consumer experience is something within reach for any company.
3. Showcase Additional Product Usage
One of the best features of Facebook is the ability to provide video tutorials. These allow your consumers to learn more about additional usages for your products and all it takes is a mere 10 to 30 seconds in most instances.
Providing creative additional usages for your product encourages additional purchases and showcases a company’s ingenuity, which increases retention.
4. Address Customer Issues Head On
While any company worth its salt has an objective to develop strategies that are precision based and wishes to avoid mistakes at all costs, unforeseen problems can arise.
When this happens, these concerns should be addressed in a straightforward manner, with a humble, sincere apology. This helps immensely going forward.
In an extremely competitive marketplace, Facebook is a great way to acquire customers and retain their loyalty. It is also a cost effective way to maintain the relationships you’ve built.
Social media is a direct path to greater word of mouth and customer satisfaction helps a business to travel this road more efficiently. Retention begets referrals, which decreases the costs of recruiting new customers.