FACT: Did you know that a simple 2 percent increase in customer retention has the same impact as decreasing costs by 10 percent? Learn how to increase profit with these simple tips.
- Who can afford to not decrease costs by 10 percent?
- Which business doesn’t want to increase profit?
The proverbial “Every penny saved is a penny earned”, is the secret to the best way to increase profit and induce business growth … Social media can jump start your efforts simply by improving engagement.
One of the key ingredients to increase profit is to build customer engagement. When consumers start to feel connected to your brand and build a relationship with your company, they become less likely to go to a competitor. Building brand loyalty is critical to increase profit and for steady growth.
Fortunately, social media is far more than a resource drain or an advertising platform. It is the space you need to build this loyalty.
Invite people to follow you at every opportunity
Customers use social media to engage with their friends as well as with their favorite brands. Include invitations to connect in areas such as:
- On the website
- On products
You should also actively be using your page to interact with the wider community. Like, retweet, and acknowledge other social media users. This will help get your social media pages noticed and increase your own community.
Let your customers know you are listening by also giving shoutouts to particular followers– such as those who have mentioned your brand or those who have recently used your services. This positively reflects on your brand and makes you more visible to that person’s network. I let Melissa Krivachek know that I noticed her mention and valued her participation in the group. I also let anyone else watching know how much I care about my followers. At the same time I was able to get another mention of my product out without it being a strictly promotional piece.
Use your page to educate, learn from, and connect with your followers
Your social media pages are so much more than a soapbox to advertise your company– it is an opportunity to connect with your followers. You want to use the page to publish content and information that people will find useful and helpful. Cast yourself as the solution to your consumers’ pain points. Let them know that you understand their struggles and you are there to provide assistance.
Keep in mind that this may mean occasionally publishing content that you didn’t personally write.
“But Robert!” you say, “I do not want to advertise for my competitors!”
Here is why this works. People who are ready reading this type of information generally are not ready to buy yet, anyway. They are at the top of the sales funnel and the beginning of the buyer’s journey. These people are looking for companies who answer their questions. By providing your followers with answers– regardless of where they came from– you demonstrate to your customers that you have their best interests in mind. You are proving that your main concern is helping them, even if the information comes from other sources. This builds trust in you in the minds of your customers.
Use a variety of types of content– informational, promotional, humorous (cat memes anyone?) to encourage conversation. Ask open-ended questions to spark responses.
Respond to questions and remarks and participate in the discussions, but do not dominate. You are there to not only educate your customers but also to learn from them. You can only learn if you stop talking sometimes and just listen.
You can also use social media content to take down some of the barriers between company and customer. Consumers today want to connect on a personal level. Consider uploading occasional personal content such as family photos. Uploading this picture of my family as my cover photo helped to generate positive buzz in my Facebook group while also helping to make me seem more approachable for my followers.
Use social media to announce certain benefits for followers
Social media can be an enormous asset when it comes to increase profit. It can take your next product immediately to the top. Say, for example, you are ready to launch a new product, but no list. Use social media to gather some new email addresses and names by offering free downloads or trials of your offerings.
Increase profit and build excitement in any of the following ways:
- Use social media to build hype for an upcoming release.
- Use it to advertise scarcity (we are so excited about this new product, but there are only going to be 200 made – we hope our awesome followers sign up in time to get one!)
- Offer exclusive early bird discounts to followers to increase profit.
You can also use social media to tell stories and experiences in a way that promotes both you and a connection. When I have a great experience with a service provider I let people know. I tell my Facebook community all about the experience.
How do you measure up?
Social media has changed how we relate and communicate with customers — but that can be a fantastic thing. Never before has it been possible to get to know our customers so well and on such a personal level. Use it to build engagement for your brand and increase profit.
- How do you use social media?
- Do you have any great tips for taking engagement to the next level?
Let me hear from you!
All the best,