“Two to three years ago, marketers would have said that lead generation was their top priority in lifecycle marketing. Now they are focused on improving loyalty and doing better job of selling additional products and services to their existing customers.”
– Andrew Gaffney, Editor of Demand Gen Report
In customer relationship management (CRM), customer life cycle (CLC) is a term used to describe the progression of steps a customer goes through when considering, purchasing, using, and maintaining loyalty to a product or service. There are five key dimensions of customer life-cycle marketing: Strategy, Organization, Data and Analysis, Measurement, and Technology. The leading commerce companies have a few cornerstone elements in their strategy which allows huge leveraging of their organization, data and technology.
These industry leaders know that centralizing data, instead of compartmentalizing, is an essential piece to deliver on point with customer needs an expectations. Their strategies are focused on the long-term customer loyalty and retention, and leverage social platforms very effectively from an SEO and SEM perspective. Actively pursuing testing and optimization on an ongoing and frequent basis leading to sustainability and the ability to efficiently scale their marketing efforts.
Engaging Facebook for Customer Retention:
A Harvard School of Business study identified that increasing customer loyalty and retention rates by 5% translates to 25% – 95% increase in overall profits. The biggest part of this is making sure you are communicating. I call this”putting it on the shelf.” If you walk into a store and are looking around, you will only buy what’s on the shelf. There might be something in the back store room that you would totally buy, but you won’t because as a customer you don’t even know it exists. This goes for communicating with potential and especially current customers. Putting your business and your products on the virtual shelf works the same way, and just like there is a special way to stock shelves and create displays at the local market, there are techniques and proven methods of putting your virtual stock on the online shelf.
For the customer retention portion of the CLC, Facebook can become an invaluable tool to keep engaging with not only your current, but your BEST customers and clients. However, most marketers are more traditionally oriented and do not understand and have not integrated the enormous potential benefits of this huge social platform of engagement.
Customer acquisition is the main focus of many SEO efforts and lead generation or transaction is the main point of accountability for many marketing teams. However, search or social to purchase are only two of the many ways potential or existing customers interact with information online. It is becoming increasingly important to buoy research and education as well as after-purchase support. Facebook offers an amazing platform to point people back to cart, towards further information needed to purchase, and toward joining in with other members of a tribe composed of your most obsessed customer base. We already know that person to person referrals are the strongest form of marketing, and the social platform offers the virtual version of traditional mouth-to-mouth advertising. These Facebook users are newly referred to as fan-bassadors. We really like that term. Having someone advocate for your business as a current customer is an amazing testament to a functional online social marketing strategy and crucial to creating customer obsession. These fans are now invested in not just your company, but the feeling they get when they can offer value to their friends and family. Priceless, really, don’t you think?
The crowd mentality is very strong, and gets stronger with more engagement and social interaction through Facebook posts. Social has the unique position to make people not only understand the deeper value of your product or service, but to feel part of something bigger than themselves, and that sense of belonging can much more easily translate into customer loyalty and retention.
Trisym’s Approach for Customer Retention through Facebook:
Trisym leverages Kenshoo FBX which is a proven system for retargeting current customers through Facebook paid social media, as well as the Facebook Advertising Platform. Instead of relying on blanket messaging, retargeting zeros in on specific items that users have engaged with on your website, allowing for personalized messaging and hyper-engagement.
Contact us to learn more about how Trisym can implement a custom Facebook customer retention strategy for your business needs.