It’s understandable for businesses to be excited by the prospect of new customers. Promotional emails, social media marketing and search are all effective ways to find new business and help a company grow. That being said, it always pays to make sure existing clients don’t feel unappreciated. Social platforms are a great way to do this, but many companies haven’t fully embraced the tactic.
Past business can fall by the wayside
According to a recent survey by Socialbakers, 61.7 percent of businesses consider customer acquisition to be a very important goal for social media in 2014. However, only 28.9 percent feel the same way about customer care. Gaining some new prospects but losing dedicated clients is a lot like taking two steps forward and one step back, so companies may consider the trade-off a net positive. Unfortunately, not every business is able to weigh these costs effectively.
As part of a study of marketing styles, the authors of Marketing Metrics: The Definitive Guide to Measuring Marketing Performance discovered that the probability of making a sale to a new prospect is between 5 and 20 percent. Conversely, companies average 60 to 70 percent success rates when it comes to existing customer sales. The smaller a company is, the more tightly it needs to cling to existing clients, so this kind of retention is extremely important.
Keep your friends close
Don’t outflank yourself by building a marketing house on quicksand. Use every channel available, particularly social media, to both bring in new business, while maintaining close ties with existing partners. You can do so by:
Offering rewards. To encourage social media follows and shares, let current fans and connections be the first to hear about discounts, promotions or contests.
Sharing news. The people who have done business with you in the past are the most likely to want to know about the inner workings of your business – and their distribution of this news will provide invaluable coverage.
Customer service. People increasingly turn to social media to lodge complaints or make inquiries because the audiences on these channels hold companies accountable. Encourage this kind of activity and respond promptly to make sure existing customers stay happy.
Companies aren’t necessarily interested in digital marketing in and of itself. Instead, they see themselves as marketing products on what happen to be digital platforms. That means following the rules and protocols of these networks and channels. Strike a balance between constant outreach and connection maintenance to keep growth steady and sustained.