No business can survive without customers. Depending on the statistics you choose to believe, it can cost anywhere between 4 to 30 times more to acquire a new customer than it does to keep an existing one. Whatever the exact figure, the premise remains the same. Keeping your customers is good business.
With rampant competition and increasingly fickle customers, it’s more important than ever for B2Bs to stop their customers jumping ship to the competition. Though customer retention can be a complicated topic, at its essence is one simple truth – keep your customers happy.
THE PURSUIT OF HAPPINESS
Gone are the days where an unhappy customer tells 10 friends. The reach and immediacy of social media can quickly turn that 10 into 10,000 in the blink of an eye. But those same social platforms can also have a positive impact. Not only can they be the platform in which happy customers share positive brand stories, but can also be used to help connect with your customers, to go over and above, to surprise and delight and to help them achieve their business goals.
By understanding what those broader goals are, you can best position yourself to add value to help them get there.
American Express embraced the power of social and did just that with their OPEN Forum, an online social portal aimed at providing useful content for small businesses. To support their range of small business focused products, AMEX positioned the OPEN Forum as a hub in which small business owners could discuss ideas, communicate with each other and learn from a range of valuable resources. This helped drive awareness for the AMEX products whilst providing value add to their customers, who felt part of a broader community.
By publicly supporting the initiative through traditional social media channels, AMEX benefitted from increased awareness of their brand and products, in addition to the positive value delivered to their customers by the OPEN Forum. Such an ‘over-and-above’ attitude is becoming more and more important to keep customers in an increasingly competitive world.
This however is just one such example of how B2Bs can use social technologies. If you’d like to learn more, grab our free “10 Reasons B2B Companies Need Social Media” eBook here. If you work in social media yourself at a B2B company, join our community to learn even more from your peers.