The goal for any business in social media marketing is to attract new customers and retain old ones. It is quite expensive and difficult for businesses to acquire new customers and focus on existing ones through traditional marketing channels. With different social media channels available today; businesses have ample opportunities for customer acquisition and retention with less financial investment. Facebook and Twitter have given every business a chance to have a one-to-one connection with their customers’ thereby building trust and loyalty.
Good products and services contribute to customer satisfaction, resulting in loyalty and sales. Apart from the quality of product or service, a relationship that a business maintains with its customers plays a big role when it comes to repeat purchase by a customer. To build customer affinity, businesses need to listen to each one of their customers’ conversations and respond to their queries. Listening to your customers, replying to them and making changes according to their demands will make them feel that they are important members of your corporate family. Social Media platforms are the perfect places to interact with your customers and inform them about new products or special discounts, get their feedback, and offer services to them post-sales. Through regular and timely communication you can build an unbreakable bond with your customer, which in turn will lead to repeat business. Exceeding customers’ expectations in all possible ways will also make them loyal advocates for your brand.
Once you have decent social media traction, you can launch a referral programme so your customers could spread the word about your company to their friends and family members. You can even offer exclusive deals and discounts to your loyal customers on social media platforms. Customer retention has huge impact on profitability of a business and social media marketing is quite effective in retention. Businesses having realized the incredible power of social media are overwhelmingly embracing social media not only for customer acquisition but also for retention.