5 ways social media can increase your revenue

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  • 8/13/2019 5 Ways Social Media Can Increase Your Revenue

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    5 Ways Social Media Can Increase Your Revenue From Existing CustomersBy Nichole KellyPublished May 10, 2012

    Are you using social media to keep your existing customers happy!o you "ant to #igure out ho" to dri$e re$enue #rom existing customers through the socialchannel

    %his post "ill gi$e you 5 tips to gain more revenue from your existing customersusingsocial media&Why Focus on Existing Customers'or many companies, connecting "ith their existing customers is a natural #it #or social media&

    %hese companies are seeing con$ersations about their brands, their competitors and their

    industry that pro$ide them "ith an opportunity to engage others in dialogue&%here are t"o types o# strategies that re$ol$e around existing customers on the social mediachannel& %he #irst is to offer customer service help through the social channel& (e)$e seenexcellent examples o# this "ith *omcastand Boingo, "hich ha$e success#ully addressedcustomer concerns through social media&

    *omcast pro$ides customer ser$ice on %"itter&%he second strategy is to attempt to increase value to the customer experience throughthe social channel& (e)$e seen excellent examples o# this "ith +n#usiono#tand -adian.&

    %he $alue o# the customer base #or companies is substantial& (e)$e all heard that it costs moreto get a ne! customer than to "eep your existing ones& o it makes sense that "e "ouldsee more companies de$eloping strategies to engage customers "ith the social channel&ocial media represents a lo"/cost "ay #or companies to engage customers in t!o#!ay

    dialogue and develop deeper relationships& -elationships are a bene#it that is di##icult toachie$e "ith other marketing channels& ne o#ten/o$erlooked opportunity is to use socialmedia to strategically drive incremental revenue from existing customers &

    http://www.socialmediaexaminer.com/author/nichole-kelly/http://twitter.com/comcastcareshttp://twitter.com/boingohttp://infusionsoft.com/http://radian6.com/http://www.socialmediaexaminer.com/category/how-to/http://www.socialmediaexaminer.com/http://twitter.com/comcastcareshttp://twitter.com/boingohttp://infusionsoft.com/http://radian6.com/http://www.socialmediaexaminer.com/author/nichole-kelly/
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    -adian. engages customers by sharing resources&%hese tips pro$ide a #rame"ork #or ho" you can adust your strategies to ensure theycapitali$e on the most fre%uently overloo"ed opportunity for increased revenue 3customers&&ip '() *ive Customers Incentives for Ma"ing More Fre%uent +urchases(hether you are in a ser$ice/ or product/based industry, you ha$e the ability to increaserevenue ,y encouraging customers to ma"e purchases more fre%uently&'or ser$ice industries, this may mean promoting add/on ser$ices, upgrades or premiumo##erings& 'or product industries, this includes encouraging customers to come back more o#ten&4o" can you do this "ith social media

    5ou can offer deals and specials that are exclusive to your social media follo!ers basedon the le$el o# customer or the #re6uency o# purchase&'or example, i# you are a so#t"are company, you could o##er exclusi$e discounts to your usercon#erence #or social media #ollo"ers based upon the number o# so#t"are licenses they areusing& r i# you are a product company, you could do a coupon #or social media #ollo"ers thatpro$ides a 07 discount o## their #i#th purchase&

    (ine o# the Month *lub o##ers #an/only specials&&ip '-) *ive Customers a Reason to Spend More at Each +urchase

    %he second "ay you can dri$e re$enue #rom existing customers is to get them to spend more

    at each purchase& o i# your a$erage transaction is 89, the goal "ould be to get the customerto spend 80& %his can also be accomplished by exclusi$e deals #or social media #ans and#ollo"ers&

    5ou)$e probably seen coupon campaigns many times that are designed to achie$e this& *ouponssuch as 82 o## a 8100 purchase are aimed at increasing the amount spent at each purchase&(hy do they "ork +n consumers) e##ort to get to a 8100 purchase, they tend to spend more&

    %his "orks "ell #or product/based companies, but "hat about ser$ice industrieser$ice industries can look to promote pac"age deals for their services that ,undleofferings together& +n this case, the social channel is used to drive a!areness of theofferings !ith a clear call to action, $ersus promoting deals or coupons like "e typically see#or product/based industries&

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    91 Bags gi$es 'acebook discounts #or spending more money&&ip '.) Com,ine Email Mar"eting /ffersKeep in mind it)s important to maintain a ,alance of content on your social channels& %hegeneral rule is less than 207 o# your content should be about your company& %here#ore, a mix o#your o"n content "ith in#ormation #rom rele$ant third parties is important&

    %he last thing you "ant is to ha$e a social channel that is #looded "ith deals and promotions "ith

    $ery little customer engagement&+t "ill be important to think through "hy a customer "ould be interested in buying "hat you areo##ering and "hat the process is #or them to actually make a purchase so that you can optimi$ethe path to conversionfrom the social channel to the sales funnel&

    4ubpot integrates email campaigns&&ip '0) Educate Your Customers a,out Your /ther +roducts and Services

    http://www.socialmediaexaminer.com/5-tips-for-moving-social-media-leads-into-the-sales-funnel/http://www.socialmediaexaminer.com/5-tips-for-moving-social-media-leads-into-the-sales-funnel/http://www.socialmediaexaminer.com/5-tips-for-moving-social-media-leads-into-the-sales-funnel/http://www.socialmediaexaminer.com/5-tips-for-moving-social-media-leads-into-the-sales-funnel/
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    Another important element o# increasing sales is to ma"e sure customers are a!are of theother types of services or products your company offers & 5ou can do this by #eaturing aproduct or ser$ice pro#ile o# the "eek, "hich pro$ides you "ith the opportunity to highlightpremium services and explain !hat they are and !hy customers should care &!on)t be boring: combine the types o# content you use to educate the customer "ith blog posts,photos, "ebinars and $ideos&

    ;nder Armour cross/promotes product lines on 'acebook&&ip '5) +rovide Consistent 1alueAt the end o# the day, it)s di##icult to keep an audience engaged i# you)re constantly runninganother promotion on your social channels& %here#ore, it)s important to #ind a "ay to,alanceyour content and provide value to customers&+# your customers #ind $alue in the content you produce #or your social channels, they are #armore likely to keep coming back #or more&+n#usiono#t, a small business customer relationship management system, has done an excellent

    ob o# pro$iding $alue to their customer base& %hey recogni

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    +n#usiono#t=s resource center&%here#ore, instead o# promoting a bunch o# #eatures their so#t"are o##ers, they positionthemsel$es as business ad$isors to their clients& %hey pro$ide tips, resources and tons o#in#ormation that their clients can use to gro"& ;ltimately, the more their clients gro", the more+n#usiono#t gro"s&As you consider ho" to gro" your customer base through the social channel, it)s important thatyou create a !in#!in situationlike +n#usiono#t has& +# you are only there to ser$e your o"nneeds, customers "ill recogni