Seek Relationships, Not Followers: Social Media for Social Success

Customer interactions have the potential to impact your brand to a great extent. But how should you go about it?

It's important to comprehend why your business should aim to develop lasting relationships with its customers and what changes you'll need to make to achieve that. Instead of concentrating on gaining followers, make an effort to establish sincere connections with your customers on social media.

Why is Customer Retention so Important?

It’s going to boil down to four main reasons:

Affordability
Return On Investment
Loyalty
Referrals

Your company's long-term success is determined by the level of trust it can establish with customers over time. Customers today are continuously reviewing their relationships with the companies in their life, and a few blunders might result in your business being dropped. If you can constantly amaze your clients with caring, individualised service, on the other hand, you may significantly raise their lifetime value.

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Developing strong client relationships has many benefits. Here are some to consider:

Improves the Lifetime Value of Clients

The overall revenue a firm may expect from a client throughout the business relationship is referred to as Customer Lifetime Value. Customer satisfaction and retention can help you increase your CLV.

Customers that are fulfilled have a stronger relationship with your company, which is a profitable point for you, as they will make heavy and frequent purchases without any concerns. According to a study, consumers are prepared to spend 20 per cent more for items from firms that provide excellent service. Happy customers are five times more likely to make a second purchase and four times more likely to suggest a friend.

Loyal Customers are an Asset To the Company

Loyal customers spend more money than new customers because they understand the impact and value that your products have had on their lives, and they are happy to come back and spend more. Brand loyalty is a valuable asset for the organisation because it provides a high sales turnover. It aids in the reduction of marketing expenditures. It offers protection against rivals in order to keep clients.

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Organic Traffic Will Come to You Naturally

If you build genuine connections with people on social media and not just run behind the race of maximising your followers, you will be noticed and appreciated. Creating real-time bonds and relations with your customers would make your business reach heights. People will reach out to you and feel excited to try your product or service, which would pave the way for organic traffic to your page.

Reduction in Promotional Expenses

Customer Retention also encourages customer acquisition through referrals. So, if you’ve been able to retain satisfied customers for years, they are likely going to tell their friends about you, and you will gain new customers that way. Thus, not only it will save your business money, but it makes your business money as well. All the money that you spend on promotional tools, would eventually be cut down and minimised.

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