Some say it’s not a question of if Social Media is disappearing, but more that it’s transforming. What ends up mattering most is if this transformation is good or bad.
Even just looking at the chart above from Global Web Index‘s social media and consumer study, high percentages of online users are still members, showing up, on social media. Social media is still being used across all generations. However, it seems that what it’s being used for, isn’t what we’re used to as business owners.
Time is Money
What’s the average age of your customer? Based on this chart, you can see that younger markets have their target customers on social media the most.
Customer loyalty is a customer who chooses to repeatedly buy from the same brand. Typically, it’s because they trust the brand enough that they don’t look elsewhere, even for a better price.
Why is Customer Loyalty important?
Customer loyalty is essential. If you have customer loyalty that means you’re retaining customers and customer retention is the make it or break it of success.
Depending on your exact industry, it costs 5 to 25% more to acquire new customers than it does to maintain existing customers. Even at 5% you’re working harder than you need to in order to see growth in your business.
Sure you have to bring in new customers to have existing customers, but you NEVER want to only make it ideal for a customer to be new.
Why on earth would a customer stay with you when the only time they felt you valued them was when you were wooing them in the first place? There is too much for you to gain for you to only exist in the chase.
Returning customers spend a whole 67% more than new customers. That’s more than half.
Essentially, you cannot afford to not gain customer loyalty.
Increase Customer Retention through Engagement Monitoring
Usually when you’re being advised on how to increase customer retention, you’re going to be told at least one of two things.
The first, is to have an amazing product that’s worth sticking around for. The second is to have great customer service, helping your customers when they run into problems.
Having a great product is important. It’s what’s going to interest clients in the first place. But, it’s not necessarily going to be the number one factor that keeps them there. Customer service that is actually helpful to your customer is important too. But using this as a tactic to stop a customer from leaving limits the action you take to only happen when customers come to you.
Now, of course, these are both areas you need to be investing in, however they’re simply not enough.
First, Set clear expectations and then deliver more: When you first start working with a client – or even are offering your services – make sure you set clear expectations of what you offer. You don’t want to offer them the moon, if you can only deliver the stars. So, evaluate your services and the quality of your services and what they can truly do for your customer.
For example, if your a massage therapist don’t tell your client that you can eliminate their back pain if you know you can elevate their pain. Eliminate says that after a few sessions with you, they won’t be experiencing any pain at all. Elevate acknowledges that while you know your services will help, you also recognize that the pain they experience could return do to the clients own lifestyle or possible medical conditions.
If you offer too much and can’t deliver, even if what you gave them was amazing, your client will walk away dissatisfied. However, if you are realistic about what your clients can expect they will trust you and keep coming back to you.
Along side this, it’s always a good idea to do a little bit more than what you promised. For example, you might add on a smaller service free of charge. You can offer it, suggesting that if they’d be interest, you’d like to add the service for them to try. This turns into a opportunity to demonstrate that you care about your clients experience, while also showing a service that they may not have realized they needed.
Both will lead to a loyal customer who is willing to spend more money on your services.