How to Measure Social Media: A Step-By-Step Guide to Developing and Assessing Social Media ROI

7. Customer Service, Referrals, and Strategies for Increasing Revenue from Existing Customers

Customer retention provides another area in which social media can deliver tremendous value. Customer retention for the purpose of this discussion will focus on activities that are designed to ensure customers are happy, make repeat purchases, and refer new clients. The customer acquisition costs for companies have been on the rise in recent years. Therefore, it’s more important than ever to look at how to keep existing customers happy and coming back for more. The mantra is that it’s cheaper to keep existing customers than it is to get new ones. Companies are starting to take this seriously, which has led to the increase in adoption of the Net Promoter ...