While it is customarily the ambition of every business to expand their market share, don’t let your effort to attract new customers cause you to lose sight of your existing customer base. Forbes shares a few reasons why it’s important to pay more attention to your existing customers than to the acquisition of new ones. Social media is one way Black Tie Digital Marketing can you help you keep your most valuable customers—your current ones–engaged.
While a strong presence on social media can attract new customers to your business, it’s an even better tool to stay connected with your current customers. If you spend the time marketing to a new customer and lose an existing one in the process, your number of customers may stay the same but your margins will be lower as it costs more money to gain a new customer over keeping an existing one.
If you have an existing social media presence, then chances are you are aware how important customer relationships are. As consumers often make purchase choices based on emotional responses, it is easier to sell products to people that your business has a standing relationship with. New product lines often require large amounts of precious marketing dollars to entice a potential customer to give your brand a chance. The benefit of existing customers is that if you have sold them a quality product in the past, they will be more inclined to give your new product line a try.
Whether your company utilizes Facebook, Twitter, or another social media platform to reach out to your customers, remember that staying connected is more important than getting connected. If you’re looking to jumpstart your social media presence, your social media optimization team is here for all of your digital marketing needs.