Do you want to figure out how to drive revenue from existing customers through the social channel?
This post will give you 5 tips to gain more revenue from your existing customers using social media.
Why Focus on Existing Customers?
For many companies, connecting with their existing customers is a natural fit for social media. These companies are seeing conversations about their brands, their competitors and their industry that provide them with an opportunity to engage others in dialogue.
There are two types of strategies that revolve around existing customers on the social media channel. The first is to offer customer service help through the social channel. We’ve seen excellent examples of this with Comcast and Boingo, which have successfully addressed customer concerns through social media.
Are you struggling to find measurements that are meaningful to your organization? Do you feel like you’re searching for a needle in a haystack of metrics?
Here are 8 useful metrics that you may not be measuring, but should be.
#1: Conversion Rates
Everyone wants to measure the volume of leads generated to get to the bottom-line ROI of social media efforts. But don’t forget about the value of the conversion rate! While the volume may not be there yet, the propensity to convert may be staring you right in the face.
The cost-effectiveness of social media has vaulted it to the top of the list of tools used to improve customer retention. But how do you measure whether social media is affecting your ability to keep customers?
Could “ethical” bribery be setting your business up for failure?
If your company’s social media interactions revolve around advance announcements of sales, special offers and insider-only promo codes – to the point where receiving these things is the primary motivation for your fans and followers – then you’re essentially bribing customers to stay.
In this case, social media merely provides a pleasant, whitewashed cover for the bribery.
Thus, the very activities you’re hoping will improve your relationship with customers might well be actually hurting your reputation with them, making those customers less likely to pay your full price without balking.
This article will reveal four ways to build customer loyalty without bribery.
Are you marketing to people on Twitter? You know, pitching your wares? Perhaps there’s a better way…
In this article I’ll present three ideas that will draw customers to you without that nasty marketing aftertaste.
One of the reasons social media is so valuable to businesses is that it offers a chance to show you’re listening. As a result, you can gauge customer sentiment, turn prospects into clients and turn customers into brand evangelists.
At a time when businesses are using social media to promote content and start discussions, Avaya has found that listening trumps talking.
“We’re listening to social media and responding,” said Paul Dunay, Avaya’s social media ringleader, who is global managing director of services and social media marketing.
“There is no Tweet that goes unturned. No forum post that goes unturned where our name is mentioned.”
What began as a way to engage and support customers has evolved beyond even Avaya’s expectations. And if Avaya ever doubted its investment in social media, those concerns are now put to rest.
A lot is happening in the world of social media. Here’s a quick summary of recent major research findings:
#1: By 2010, 26 Million (1 in 7) U.S. Adults Will Use Twitter Monthly
A new study by eMarketer surpasses their previous estimates of Twitter usage. The study, conducted just last month, found the following: “In 2009, there will be 18 million U.S. adults who access Twitter on any platform at least monthly. That represents a 200% increase over 2008 levels. Usage will reach 26 million U.S. adults in 2010, a further 44.4% climb.”