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.
Fortunately, social media offers an amazing source of business opportunities. If you approach it the right way, you can build many relationships that could be crucial to your business growth and success.
Logos Bible Software has worked hard to build its email list of 300,000. So choosing to shun that email list for its Black Friday promotion says a lot for the chosen alternative – social media.
Practically every other online retailer – and Logos is 100% online – blasted customers with their post-Thanksgiving email promotions.
But this software company solely relied on social media, from testing its ideas to launching the promotion to letting the resulting word of mouth do the work for them.
In response, Logos generated $300,000 in sales in those few days – three times what it brought in during the same period the year before. Not only did it add to the bottom line, but also Logos significantly expanded its fans, followers and customer connections to support future efforts.
To fix the lead problem, you need to be able to easily identify where your “system” is breaking. There’s only one place to look for holes in your lead generation efforts: your sales funnel.
I faced this exact challenge and found that it wasn’t my strategies that weren’t delivering—it was the sales process that social media leads were being put through. Once I identified that, I worked on building a better sales process for social media leads.