These days a lot of business’s utilize social media, but are they really being ‘social’. If they are not engaging their customers they are failing to create a two-way communication between themselves and their potential clientele. Social media is like email marketing. Can you reach a new audience with your email marketing? Likely not. But email marketing nurtures and engages with your existing audience.
But what can I get out of using social media? You should always consider this question and consider the value of capturing existing customers’ information. Doing this allows you to continue to market to them in order and get them to come back. Are you using social media to reach your customers? What platforms and strategy have helped you truly engage your customers? The only way to ensure you’re not just jumping on the social media marketing bandwagon, and you’re really do this with your company and customers best interest is to consider these few things first.
First, you must determine the value of your customer. To do this, you need to figure out the total lifetime profit of an average customer. How much do they spend? How much of that is profit for you? Next, determine the value of a prospect. Then, think about how much would you spend on your prospect to convert them to a customer. Let’s say the average customer is worth $800 and costs you $20 through advertising or marketing. Worth it? I think so! Beyond the big networks, which platforms are right for your business? Check out what they have to offer (and who’s doing it right) to determine where to spend your time.