"Focus of most marketing spend is usually around new customer acquisition and that only 20% of marketing budgets are typically spent on retention. Yet, in many cases, 75% of revenues comes from existing customers." (Book : Flip to Funnel)
Wow! Customer Xperience is NOW more relevant in times of powerful Social Media. Words Spreads with electrifying speed and across d globe - Good or Bad.
Channel your marketing budget to existing customers. Wow !! them , delight them, offer them memorable experience, offer them something to speak (write) abt on social media online and offline.
Every wants to share their experiences. Social Media is providing them many such platforms.Are we providing them enough (any) food for thought abt what to write/share with their friends, followers and group members ??? If we are not , customers have their own opinions. They will share.
(Next coming up with my ebook on hOw to wOw!!!!)
Comment on Linkedin by Raja Jeevan Kumar Maduri:
ReplyDeleteI believe there is hardly any retailer who is actively conceiving this greater media in India. They still have to get it straight for their customers. Your western counterparts follow it, so should we is the current path taken by the retailers. Shoppers stop is involving their customers by way of throwing away exciting offers and regular postings. There are some online retailers who are following suit. But, Social Media if used the best way can serve as a channel to seek feedback from your current customers. I think it is going to take time till the Indian (organized) retailer devours the complete potential of social media.
It can work wonders if the retailers get it right by active involvement of a serious customer. Retailers should stir the interest by active involvement of the social users by continually posting the latest product launches, news and information about product available at their store, seek feedback proactively from the consumer (not annoy them!!). There are umpteen number of things retailers can do with social media. However, retailer needs to accept caution before overdoing the social media thing. Waiting to see others insights!!