How a Social Media Strategy Can Increase Retention and Loyalty
An effective retention strategy is a structured plan that companies develop and employ to foster improved employee engagement, avoid attrition, increase retention, foster better customer satisfaction, and lower recruitment and replacement costs. Benefits of an Effective Retention Strategies. Lower recruitment and replacement costs. Better Financial Performance and Employee Turnover Results.
One key component of customer retention and customer relations management is providing the best practices for retention. Best practices may involve anything from the structure of a company’s customer service programs to its marketing approaches to its work force to its customer relationship management software. There are a variety of tools available to help organizations build best practices so they can enhance their customer satisfaction, develop new customer loyalty, and improve customer retention.
One of the best practices for customer retention and increase retention focuses on the process of onboarding. If people feel that an organization truly understands their needs, they are more likely to engage and remain a customer with the organization long-term. Organizations must take steps to ensure they understand their customers and how the product or service matches up with those needs. Good customer retention starts with onboarding. It includes developing an onboarding team, designing an effective training program, making sure the right information is provided to customers, encouraging user onboarding, and monitoring and measuring success of the onboarding efforts.
Another important practice for customer retention and increase retention focuses on user onboarding. User onboarding refers to the steps that an organization takes to onboard each customer, typically through social media channels. Organizations have taken some solid steps toward ensuring customer onboarding, but the challenge remains in effectively delivering those onboarding processes across the organization. The following are five strategies for social media user onboarding that businesses should consider implementing.
A social media engagement strategy can be the foundation for creating an effective employee retention strategy. A social media engagement strategy can include different aspects, including: providing content that is meaningful and useful to customers, building the brand, and providing entertainment value. Each of these strategies can drive more value to the business through increased engagement and retention. Social media engagement can also provide valuable inbound links from third party websites that can help distribute content to a broader audience. Finally, content can be linked back to the organization’s website, which can provide a significant increase in organic search engine rankings.
An effective retention strategy should integrate seamlessly with an employee engagement strategy. The two elements should be evaluated as a whole. While there may be some separate elements within an employee retention strategy such as recruitment, hiring, and development, they can work together to develop a cohesive and comprehensive customer engagement strategy. Creating a great customer experience provides tremendous upside for organizations and can increase retention dramatically.
A social media management strategy can also include developing and implementing a customer relationship management (CRM) application. CRM applications are used to collect data and store it in a database so that organizations can analyze it for any potential opportunities to increase retention and build stronger customer relationships. CRM applications can include live chat, phone services, and email alerts.
Social media management and employee loyalty programs can go hand in hand. By using social media to engage and retain customers, organizations can create powerful marketing tools to increase loyalty and drive greater profitability. Employees feel valued and appreciated by their employer because of the benefits that come from participating in a long-term marketing strategy. Employees can also benefit from the social media experience because they can connect with others in their industry and learn more about products or services that might interest them. Finally, employees who participate in online social media activities can develop valuable relationships that can lead to referrals and increased sales. Therefore, it makes sense to implement a social media management strategy that includes building loyalty programs, engaging and retaining customers, as well as offering a CRM solution.