How are you using facebook for business and what could you be doing better?
Gone are the days when marketing professionals question the value of their company having a presence on social networks. Regardless of if the company is B2B, B2C, or any combination of the two – their customers are on social because EVERYONE is on social.
You would think, however, that at this point we have a better understanding of what makes a successful brand social strategy. Unfortunately, companies are still getting social media marketing wrong. Very wrong.
This is a grey area for brands and a common mistake. Instead of looking at social media and networks as a tool for new customer/prospect acquisition, they should be much more focused on retention. Data has proven that a new Facebook fan is indeed likely to become a new customer, however, if an existing customer becomes a fan, their repeat purchase behaviour and lifetime value to a brand doubles.
Fans spend more per year than non-fans, so instead of focusing on bringing in new customers, focus on the large number of existing customers you have and make them more valuable.
Social is about connecting with people. Whether it be on our personal profiles or business ones. Customers like the fact that they can complain or praise a company easily using social media. They like it because they can do it 24 hours a day. And they expect a speedy response. But that speedy response, whether it be to a positive or negative comment, really does make the difference to what they feel about your brand.
If you take this approach to your business social strategy you will see much higher return in the time, effort and money you spend on social if you focus on fostering stronger existing customer relationships and loyalty.
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