Improving Customer Loyalty Tops Social Media Budgets
With increasing spend and focus on social media, marketers are now getting to the nitty gritty of what having a “friend” in this space is really about.
Customer retention is the new conversion, retaining customers is a far easier prospect that finding, convincing and converting a stranger into a raving fan for your business. Social media provides a relative customer playground for any business willing to put its customer service and expertise into this space, when teamed with email marketing you really start to realise the dollar value in these connections when you own their data yourself. Especially when your influence, influences the connections of those connections based on value and insight you give freely, not just mountains of useless content.
Here are some interesting statistics around social media spend in improving customer loyalty:
- Average social media spend for marketers whose primary objective is to obtain customer loyaltly was $88,000 last year
- For marketers whose primary objective was brand awareness spend was $53,000, and for marketers targeting customer acquisition spend was $30,000 on social media
- 17% of respondents allocated only 1% of their annual marketing budget to social media
- 15% allocated 4-5%
- Smaller companies with tighter budgets were significantly more likely to spend a greater percentage of their budgets
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