Are you using social media to keep your current customers happy?
Do you want to discover how to generate income from existing customers through the social channel?
For many companies, connecting with their existing customers is a natural option for social media. These companies are seeing conversations about their brands, their competitors, and their industry that provide them with an opportunity to engage in dialogue with others.
There are two types of strategies on the social media channel that focus on audience interaction.
1. To offer customer service help through the social channel. We’ve seen great examples of this with Comcast and Boingo, who have successfully addressed customer concerns through social media.
2. To try to increase the value of the customer experience through the social channel. We have seen great examples of this with InfusionSoft and Radian6.
The value of the customer base is substantial. We’ve all heard that it costs more to get a new customer than to keep existing ones. Therefore, it makes sense that we see more companies developing strategies to engage customers with the social channel. Social media represents a low-cost way to engage customers in two-way dialogue and develop deeper relationships. Relationships are difficult to achieve with other marketing channels. An often-overlooked opportunity is to use social media to strategically drive incremental revenue for existing customers. One thing is clear in today’s society: social networks appear in everyone’s world. It surrounds us, influences us, and consumes our time while affecting our lives both personally and professionally. Most users follow a myriad of accounts ranging from family members to friends and colleagues, and they like to interact with others through comments, likes, and shares. The beauty of social media is that it creates a space for building relationships by connecting digitally with others. As social media evolved, it began to serve not only as a social platform but also as a business platform. The companies recognized the potential of social media to generate revenue and develop strategies to connect more fully and impactfully with their target audiences. Being a digital agency, we are well aware of the benefits and strategies of social media. We know first-hand the effects that social networks can have on a company’s income. If you’re curious about how social media can help generate income for your business, take a look below:
Social networks spread the word
Impressions generate income, it’s as simple as that. Social media affects your company’s income by letting people know what your business offers and what value it can add to their lives. This goes back to the basics of your business. How can people use you or your business if they don’t know you exist? Forbes reports on the wide use of social media platforms saying that “Facebook has more than 2 billion, Instagram has 800 million and Twitter has about 330 million monthly active users” (Barker, 1). People of all ages use social media, although some platforms are more suited to one age group than others. By creating, maintaining, and strategizing for a social media campaign, you can increase revenue by informing your target audience about your business and what it offers. Social media can be your vehicle to reach your audience and can build the trust necessary to drive sales.
Social media is trackable and profitable
Social media is effective due to its highly trackable nature that allows companies to monitor analytics, behaviors, and trends. This helps companies alter what is not working and how to maintain efforts that are successful as it all comes back to revenue. When a company can control what percentage of its revenue comes from social media efforts, marketing managers can modify their strategies to increase revenue or have the knowledge to justify the efforts. In addition, advertising on social networks is very profitable and relatively cheap compared to other advertising expenses. More people see your content for less, and that’s a victory in our book!
Social media turns followers into customers
Each and every social media effort reflects your company’s brand, which is why you want to do social media correctly. If your social media efforts are vibrant, engaging, and consistent with your current brand, you can attract your social media followers to your company’s website. If you send relevant and valuable content to your followers, they will want to check your website. When followers come to your website and see a consistent brand, you will have the opportunity to convert followers into leads, and from there you can convert leads to customers. In general, this can generate income. It’s a fairly simple income-generating equation to understand, but running the equation is a completely different story.
Make sure you do social media well
Social networks are a giant in our world full of digital space to build connections and trust. Social networks are not only a social tool, but also a business generation tool. It has the power to build a business or the power to destroy a business. Snapshot Interactive can help you harness the power of social media to generate income. Take a look at the services that our digital strategy team can bring to your company’s social media efforts.