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Is social media is better tool for customer retention??

Created by : Purvi Ghosh, Marketing analyst, Percept Advertising  | 09 21 2010 14:02:05 +0000
Industry : Advertising/PR/MR/EventsFunctional Area : Web 2.0 +(Technology)
Keywords : facebook social networking social media social networking sites customer retention social media sites customer retention strategy
Activity:  352 views;  last activity : 10 12 2011 09:50:16 +0000

With hundreds of millions of internet users registered to social networks, marketers are increasingly finding that the platform is an effective customer retention tool.

According to a recent report conducted by the Direct Marketing Association, more marketers use social media to interact with existing customers, rather than reach out to prospects. 25% said they leveraged social media as a customer retention tool, while 19% used it for acquisition.

Do you think Social media is a better tool for customer retention??

  
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I think yes, its a very good tool, but in India at the moment we have very less internet penetration, and people hardly have the knowledge of social media. But all over world people spend more time on social media sites like facebook and others, and brands get a WOM from these sites from others, where their connections recommend them products and even brands are putting more of their B@B online marketing budgets into social media customer retention. While customer acquisition and retention were two of the top social media marketing objectives, but the top priority for many firms is still brand awareness.......
By Purvi Ghosh, Marketing analyst, Percept Advertising  09 21 2010 14:02:05 +0000
 
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More than customer retention, the agenda behind doing Social Media Marketing is to improve the brand visibility. Branding is the ultimate goal behind social media marketing. Also it is the cheapest, fastest and most useful ways of marketing a company/products/services these days. Regards, Anna George http://www.nichesuite.com
By Anna George, Web Analyst, NichePro Consulting LLC  10 12 2011 05:11:39 +0000
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Yes! Definitely social media is the tool for for customer retention and will only increasingly so in the foreseeable future.

But as Anna pointed out customer retention must not be mistaken with market creation.

No tool can replace the personal touch between a client and provider especially in the service sector. personal contact will continue to be a major factor in marketing.
By Vinoy Scaria James, Consultant, Travel Hub  | 10 12 2011 09:52:03 +0000
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Yes.It is the best tool to retain your customer, Social media created good impact on society, more number of businesses using to promote their products. Through Social media, companies able to communicate their new offers, discounts, post services, exchange offers etc. so it is good platform for both companies and customers to know about the availability, it also creates awareness and advertising cost can be reduced. Companies like 'Nichesuite' introduced online shopping, more number of customers getting benefit out of it.
By ricky P, SMM exeutive,  | 10 03 2011 07:14:11 +0000
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Social Media is recent trend for customer retentions. You can create profile in the social networking sites where the customers post their queries, complaints etc which can be immediately noted and replied. People might hesitate to post complaints in person whereas that will not happen in Social Media Businesses are using Facebook-like features to improve employee and customer engagement - A recent SM trend which shows SM's growth and effect on customer satisfaction and retention
By Gopu Palanisamy, Business Development, EphronSys  | 01 18 2011 04:40:37 +0000
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As social media usage continues to grow, marketers will increasingly invest more money into the platform. Research firm eMarketer anticipates American companies will spend $1.6 billion on social media marketing this year.
By Santosh Bhim, Junior Assistant, U.P.P.W.D.  | 11 04 2010 11:26:23 +0000
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For Private Sector, Absolutely.

Social Media is the most effective & fastest way of solving a problem. People comments on the product page or company’s page or groups regarding their disliking or negative feelings for a particular product & its services. Many companies have especially kept people from HR & PR for helping the customers regarding the terms & conditions of the company’s & even publish their policies at regular intervals. And even their upcoming sales promotions & new brands.

And if company helps people, people act as retention tool & new acquisition tool.
By JOGINDER SINGH CHANDNANI, CSS (Customer Service Specialist), Infiniti Retail  | 11 04 2010 06:53:23 +0000
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Thanks Purvi. Yes Social media is a better tool for customer retention as well as creation.


By Aditya Sharma, Insurance Advisor/Analyst, LIC OF INDIA, ICICI LOMBARD  | 09 22 2010 15:13:32 +0000
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 Customer's needs, as also wants , may change with changes in the environment

such as Social Beliefs , Attitudes , Value Systems , Education etc. Therefore, the most primary strategy would be to orient the organisation to meet the current needs  of these customers. For achieving this , an organisation may have to Reinvent itself.

A Doctor who is used to calling himself a TB Specialist , should reinvent and call himself a LUNG SPECIALIST.This is because Medical Technology has found methods to eradicate TB and hence the TB Specialist may find himself out of job. However, if he concentrates on the problems of the LUNGS, he would be able to stay in business.

So, the Doctor's Strategy would be to keep on training himself on the problems related with LUNGS. In doing that the Doctor has changed his speciality from TB to LUNGS.

The same is true for organisations. To retain customers for a long time, the organisation should continue to focus on the changing needs of the customers

and attempt to satisfy those needs.

As Edward De Bono has said : The Organisation should shift its focus from 'MANUFACTURING" to "VALUEFACTURING".

The rest of the strategies and communication media are only incidental. 

 
By RAMACHANDRAN NURANI, DIRECTOR, MEDILEAVZ (INDIA) LTD  | 09 21 2010 15:13:12 +0000
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