Social networks have grown to the point that now 1 out of every 5 minutes spent online is on a social network. Not to mention, Twitter is averaging over 250 million tweets per day while Facebook is nearing the population size of China with over 900 million active users.
We all know that social is important but the question is how can your business take advantage of it? The short answer is that traditional advertising is losing trust while social media interaction and peer recommendations are gaining it.
Only 14% of consumers trust advertisements but 78% of consumers trust peer recommendations. In fact, over 38 million Americans aged 18-30 said social media influences their purchasing decisions.
Consumers who use social media will tell an average of 53 others about a negative service experience. So, if you are not actively participating in these conversations you are wasting a valuable opportunity to nurture the right kind of peer reviews and recommendations that new customers are reading before making purchasing decisions.
However, quality customer service is not only intended to attract new customers but to increase the lifetime value of existing customers. In many cases it can be 7 to 10 times more expensive to acquire a new customer versus selling to an existing customer.
Setting up a social customer care process will allow you to engage with your existing customers across all of your support channels. If you provide superior customer service to your existing customers on social media you can turn them into brand evangelist, which will create the kind of peer recommendations you need to drive new customer acquisitions.