Customer Loyalty is Dead – Live With It (And Get Social)
If you want proof that customer loyalty is on the decline, try speaking to one of the big four UK supermarkets. Tesco, ASDA, Sainsbury’s and Morrisons are all facing significant challenges caused by changing consumer habits and increased competition.
It’s not just low cost rivals, who took market share during the recession and won the hearts and minds of consumers who are now failing to return, that are to blame for lean times in the supermarket aisles. According to Mike Coupe, Chief Executive for Sainsbury’s people are simply changing the way they shop, forgoing the “big shop” and buying smaller amounts, more often from a range of stores.
In an age where customer loyalty can best be described as fickle, businesses must invest in a number solid retention marketing strategies to ensure they remain front of mind and secure a healthy future.
Social media (along with email marketing) provides one of the most affordable customer retention tools available to businesses of all sizes.
Not only does social media provide an extremely low cost mechanism for delivering news about your business to customers who are fully engaged with your brand (and their friends, family and colleagues – as messages go viral), it also enables your to open a direct dialog with the very people who pay your wages. There is no better way to understand how your customers feel about your organization, helping you make important decisions and develop agile strategies that help you keep your customers close.
Social media also provides an excellent platform to monitor sentiment towards your competitors, helping you disrupt their customer retention strategies.
Learn how Viralheat can help you retain more customers and win more business from your competitors by joining us for a free product demonstration every Thursday at 1pm (PST), 10am (EST), 6pm (UK).
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