My webcast, How Social Data Can Boost Your Business Without Busting Your Budget is now online for those of you that missed it! Click here to watch the video of the presentation or to listen to the podcast version. Here’s a little taste of what we covered in the webcast:
Boosting Your Business
Most of us immediately think about flashing sales dollars when we hear the term boost your business. And that’s not a bad thing–the almighty dollar does speak loud and clear, especially when you are looking for ways to show a return on an investment like a social media program.
However, it is important to make sure that when you think about how social media can boost your business, you also include all of the other ways you can improve aspects of your business that contribute to the bottom line. That might be by driving immediate sales or it could be other initiatives like cost reduction, educating the marketplace, improving your reputation, increasing customer retention rates and finding new markets to enter.
Finding new customers, securing repeat sales from existing customers and opportunities to up-sell with other products and services are key areas that sales and marketing organizations focus on and are the bread and butter of most businesses. But social media provides new opportunities when it comes to sales.
Looking Beyond the Immediate Sale
Consider the value of not just making the sale but lowering the cost of sales by warming up your prospects with valuable information and resources so they are familiar with you and respect you as an industry expert before your salesperson calls or they see your product next to a competitor’s on the shelf. What if you discovered one of your competitor’s clients was very upset and complaining about it online? How great would it be to steal them away to your side!
On the servicing front, social media can provide opportunities to lower costs by providing answers and resources in a new channel to reduce call center volumes or even by establishing a self-help community where your customers help answer each other’s questions. Social also gives consumers a new channel to communicate, for help or feedback, and can serve to enhance existing assets you’ve worked hard to establish like your website.
Growing and enhancing these customer and prospect relationships can go far to increase brand loyalty, improve your reputation and by placing yourself in the social communities where consumers are already talking about you, you become more relevant and useful. In this ever fractured and over-saturated market of advertising and promotional messages, consumers are desperate to find reasons to discount some brands and attach themselves to others.
What if you could get an early tip off when something negative is happening in your industry or with your brand, such as a complaint, before it goes viral? Or if you had the chance to validate through another feedback channel, complaints that you receive in your call center and prioritize them by watching how consumers are reacting in conversations? You might even learn new ways customers use your product or services and discover needs for new bells and whistles that drive you to innovate.
Social media provides all of these opportunities and many more. If you like where this is going, click here to watch the video or listen to a podcast of the entire presentation.
Social Intelligence Crusader