When you think of social media marketing, you may only consider the potential for introducing new customers to your products and services through social interaction. However, social media marketing is an effective way to keep your existing customers happy – and happy customers drive repeat sales that can significantly impact your bottom line.
Here are five easy tips to help you increase your revenue stream from existing customers with social media.
1. Reward frequent purchases
Since it costs more to acquire a new customer than to retain an existing one, why not increase revenue by encouraging your customers to make purchases more frequently? If you sell products, you can entice customers to come back more often, and if you sell services, you can promote add-on services and upgrades.
Offer exclusive deals and specials to your social media community, basing the discount on the customer level or frequency of purchase. For example, you could offer a coupon to your Facebook community, providing them with a discount off their fourth purchase.
2. Encourage more spending per purchase
Another way to increase revenue from existing customers is to encourage them to spend more at each purchase. You may set a goal to increase each transaction by 25%, for example. Once again, create exclusive deals for your social media community. For example, offer a coupon for $40 off a $150 purchase to increase product purchases.
For service industries, consider bundling your offerings together, providing a discount for multiple services that will entice your customers to spend more. You could use Twitter to drive awareness of the deal with a call to action.
3. Continue engaging customers to keep your communities strong
No one wants to see an endless stream of deals and promotions with very little customer interaction or information sharing. Be sure to continue with your engagement strategy as you add deals and promotions to your tweets and postings.
The rule of thumb for an effective content mix is 20% company-related content and 80% relevant third-party content and direct engagement with your fans. So mix in the promotions carefully, and you will continue to have a thriving community.