How to use social media for customer retention3 min readReading Time: 2 minutes
Over the past few years, social media has become a major platform for networking. Now, companies all around the world use social media to supplement their branded websites, and this has caused a shift in how brands interact with their customers. It has allowed businesses to build strong relationships with customers, cultivating customer loyalty and better retention. So, how can you use social media as a strategy for engagement and retention? Continue reading to find out more.
What is customer retention, and why is it important?
Customer retention involves engaging existing customers to continue buying goods or services from you instead of switching to your competitors. Implementing a customer retention marketing strategy is important for your business’s bottom line because it increases your customer lifetime value and boosts your revenue while reducing costs. Retaining old customers is five times cheaper than acquiring new ones, and an increase in customer retention by 5% can increase your profits by 25-95%.
How can you use social media to improve customer retention?
1. Get to know your customers
Visitors to your website are often anonymous. You have very little information about them, making it difficult for you to form a deeper relationship. Social media fills this gap by providing information about your clients. It allows you to learn about your target market’s interests, background, needs, pain points, etc. Also, if there’s specific information you want to know, you can create a poll or ask questions through different platforms. Once you learn more about your customers, use that information to improve your customer experience.
2. Build personal relationships with your followers
Building strong relationships with your audience is the key to earning your customers’ trust. However, nurturing these relationships is a continuous process that requires care and attention. So, how do you get started?
Building a good relationship with your audience begins with creating authentic content that adds value. Also, remember to be friendly and relatable and don’t be overly promotional.
3. Engage and listen to your customers
Brand-customer relationships are a two-way street. For customers to listen to you and convert into loyal customers, you must also listen to them and build meaningful engagements. One way to engage with your customers on social media is to respond to their comments, questions, and queries. Basically, use social media as a customer care tool.
Another great way of connecting with customers is engaging with their content and posts. If a customer shares a picture or video of your product, like, share, and comment on it. A simple thanks in the comments can go a long in building strong relationships with your customers, improving your likability, and encouraging customer loyalty.
4. Enhance your brand positioning
Customers are more likely to support businesses that they can connect with. Humanising your brand improves your company positioning, further building customer loyalty. Social media is the perfect place for you to breathe life into your brand, so show your followers some behind-the-scenes content and share the people behind your brand. You can also share content of your products in use.
For more business-to-business growth ideas, contact us today to speak to our team of experts. We provide smarter subscription retention software that reduces churn by up to 40%.