The name of the game in modern marketing is customer value. Thanks to the interactive nature social media, companies have more opportunities than ever before to create satisfying interactions with customers that build the value marketing plans rely on.
Through these platforms, businesses can boost their customer lifetime value (CLV), customer knowledge value (CKV), and customer influence value (CIV). Before diving into utilizing social media, make sure to pick up a top-notch customer value management tool to better focus your efforts. Here’s everything you need to know.
A Learning Tool
Grapevine6 co-founder and CEO Mike Orr points out two opportunities for building value provided by social media platforms. The first is recognizing the ability for companies to understand their customer’s interests, personalizing the buying journey. The second is recognizing that key roles from leaders to sales representatives and customer service are key in forging authentic relationships.
Both of these attribute to social media as a learning tool, one that provides exceptional insight into your customers. The first opportunity goes beyond a customer’s static profile page, peering into the type of content shared and engaged with by a user. This can help tailor the content created and shared by your business, aligning it with the interests of your audience. Meme formats are a simple example.
While engaging their interests builds perceived value, the second opportunity is far more potent. Social media users say exactly what they’re feeling on these platforms. That means your business can obtain raw, honest feedback from customers at any time. From this, you can learn more about what customers like and what they don’t as you tweak your offerings, leading into the forging relationships.
Utilizing Instant Feedback
As honest feedback is received, your key roles (sales, CS, etc.) have the opportunity to instantaneously engage with your customers in a way that builds relationships and therefore value. Social media allows for two-way conversations as opposed to the classic message sender and receiver model of more traditional media.
This creates a conversation, allowing your brand to engage in open dialogue with its audience that humanize the brand. These informal and casual conversations, no matter how short, help your employees in key roles show that your brand cares about its consumers. This stacks CIV through the roof while also aiding CKV.
It also let’s them joke, laugh, and have everyday conversations that shows consumers your brand is made up of people just like them. Instant feedback is the perfect place for connecting with customers on a deeper, and more valuable, level. However, it’s also an exceptional CS opportunity.
Social Media for Customer Service
It’s worth noting that these authentic interactions are the perfect way to handle CS, especially with their honest nature. Never miss the opportunity to use social media as a way to solve customer issues, resolve disputes, and further strengthen the bond your brand has with its audience/consumers.
Combined, these three key elements boost CLV in a way that builds your base and bottom line. Each interaction is an opportunity to create satisfying customer value interactions. Social media is your tool to reach your audience in a new, meaningful way.