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The Effect of Social Media on Businesses
The value of a satisfied customer cannot be underestimated. Indeed, since a business' primary function is profit and profit is a result of the purchases customers make, it's only logical that it pays to keep them happy.
In line with this, numerous studies have concluded that acquiring new customers is eight to ten times more expensive than the cost of keeping existing ones. The importance of creating and maintaining client relationships then, is vital.
But, the increasing popularity of the Internet has seen consumer behaviour radically change over the last couple of decades. Therefore, online businesses have had to alter their approaches to customer relationship management, in order to keep up with demands.
The biggest online phenomenon, which is increasingly affecting the way businesses interact with customers, is social networking. Having gained unprecedented popularity, social networking sites and online marketplaces are changing the entire business landscape.
With millions of people interacting with one another across the globe, the key issue for businesses to be aware of now is the fact that customers are increasingly influencing one another's purchasing decisions. For example, a large proportion of consumers will now refer to customer reviews when deciding what product or service to buy.
So, how can you work towards keeping your online customers happy, and thus grow profits? Experts believe that one of the most essential things a business can do, is to actively engage with its customers. In fact, a large proportion of businesses consider online customer engagement to be very important.
According to research, the top five tactics businesses are currently using to connect with their customers are: videos, blogs, RSS feeds, customer ratings and review facilities, and discussion boards and forums. All of these are great ideas for communicating with customers, as well as demonstrating your business' commitment to building good relationships.
Another fundamental factor to consider is your business' response to customer queries and complaints. By simply burying your head in the sand and ignoring issues, or taking a long time to respond to questions, you will gain a bad reputation. Therefore, it is important that you handle customer complaints effectively; demonstrating your dedication to customer satisfaction by resolving any issues constructively and efficiently.
Of course, there are many things you can do to keep your customers happy. And remember, satisfaction will ultimately help you to sell online that little bit easier. Therefore, it's worth taking some time to engage with your customers and understand what makes them tick.
About the Author Bian Salins is the Managing Editor of BT Tradespace - an online community where businesses can advertise and sell products & services and everyone has the opportunity to shop, chat and share their opinion.
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