Business owners love the idea of making all customers loyal customers. But, in reality, fostering true customer retention is about as easy as Donald Trump giving a soft-spoken speech: You think it's probably within the realm of possibility, but it's unlikely.
The importance of customer retention vs. customer acquisition can't be overstated. Most companies tend to focus on new customer acquisition, when in reality the cost of retaining customers is a mere fifth of that which it costs to obtain new customers. And, increasing customer loyalty by just 5% can yield a whopping 25%-95% increase in profit!
Social listening, also known as social monitoring, has become an essential way for businesses to help create customer loyalty in a whole new way. Social media is the mountaintop from which your consumers shout, whether to praise or vilify. And, if they're talking about your business, you can bet your bottom dollar you don't want to miss it.
The reach of a positive social post gone viral is almost invaluable, and a proper (if necessary) response to a negative social post can be the best marketing you never paid for.
Ever heard of Liberty Bottleworks? Its founder's well-spoken reply to an ugly Facebook post spoke volumes to observers and resulted in the small business's being inundated with support. That's how you keep your head in the game.
Here are four ways you can keep your head in the game and harness the power of social listening to stay at the forefront of your customers' minds.
1. Be more nimble and quick than Jack over the candlestick
We are in the age of lightning-fast technology, and our patience is MIA. By the time someone posts an inquiry on social media, he wants the answer... yesterday.