Keeping the customers you already have, who are happy and content with your business, is more important than gaining new customers. Maintaining old customers and keeping them on side can be achieved through a mixture of providing them with great consumer service and helping their businesses. By using wise Social CRM and also by increasing the value they receive from their customer experience through social listening – you can really keep them onside.
Remember, it’s far more costly to get new customers than to keep old ones and with a little tweaking you can increase revenue from the former, significantly.
Incentivising frequent purchases with add on services, or upgrades can help get you on the road to higher revenues. Offering deals exclusive to existing followers is a great way to encourage frequent purchasing and also draws in new customers. Provide people with discounts on every fifth item they buy, or something of that measure and succeed in monetising existing customers.
Encouraging customers to spend more on each purchase is another way to increase the revenue stream – but how? Using a coupon, that’s how. One way to do this is to offer people a certain percentage off a purchase of a larger than usual spend, such as 20 per cent off a transaction of £200 or more. People tend to spend more, as they use a buy now and save later psychology. This can all be promoted and driven via existing social media channels.
Make sure that customers are aware of the other products you sell and also the benefits they produce. People often don’t purchase other items or services as they simply don’t know about them. Featuring a product each week on social media can get the word out there. This allows you to highlight and show why a service is important. Be interesting and engage through a media mix that uses everything from video to photos.
Remember also that around 80 per cent of your social media interaction should be about the wider world, from the funny to wider industry news. The remaining 20 per cent should be there to offer deals and inform people of your company. Anything higher than this has a tendency to bore people and see them disengage. Regular customers need to be kept on their toes, so keep it interesting and don’t blow your own horn too much.
Produce High Quality Value Content
Creating content for your pages that’s of a high quality and useful to customers is very important in finding the balance between the 80/20 per cent divide we spoke of earlier.
Consumers want to read about things that provide them with expertise and interest them. You need to offer some of your expertise for free to get people to take interest in them. Provide tips and information that help your customers to grow. This sees them trust you further and builds that relationship that motivates them to return to you and increases your revenue stream.