How much do you invest for each customer acquisition I mean both the time and money?
And what all processes are you making use of for acquiring more and more customers?
I am sure you must have heard of but a bit unsure if you have actually realized its potential and used it as a strong customer acquisition weapon.
Before we go any further let me give you a sneak peek of why social referrals have remained so important whether offline or online and whether it is now or some decades or centuries ago.
• Customers usually have fewer objections
• They are pre-screened
• It is the most telling indicator of a practice’s growth potential
• A customer through referral is likely to be retained for longer than the one who is not
• Customer acquisition costs are minimized
• Customer defections can be curbed to a minimum
• Your customer tends to become your external marketing department, for they make referrals because they are willing to put their reputations on the line.
• Risk association and the potential for loss are minimized when someone gives you a word -of-mouth referral.
Do you not think it is easier for a customer to believe in their friends and peers than you?
And did you know?
A large part of purchases around the world is made due to referrals irrespective of the platforms and since it is the era of social media platforms it is social media that there.
In fact a recent study revealed that 71% people are more likely to purchase based on social media referrals at present.
But then again there are a plethora of social media platforms and which to go well with your business
Obviously, the one that can actually influence your target audience and drive it to you!
Let’s go through some of the most happening social media sites of the world and see how customer referrals are happening over there. Here is a table based on a recent study on which platforms are most triumphant when it comes to customers referring different product and services to their friends and family.
As the picture depicts while so many social media platform are contributing a lot to the social referrals Facebook remains supreme giving you a very clear message as to what should you do.
If you look at the data it seems that Facebook users really can’t resist clicking links on their feed. In fact, 21.25% of the overall traffic sites received was driven by Facebook last month and since December the Facebook’s share of traffic grew 38%.
While, this sometimes makes the brands to hate Facebook, for they can’t make it without it and Facebook at the same time has limited the reach of pages making businesses to pay for ads, Facebook still continues to bring an inundation of referrals to their website as users share links they enjoy with all of their friends. So, when majority of brands have kind of lost faith in their Fan Pages, they still feel blissful that at least the tons of organic traffic that Facebook is blessing them with is in the bag for sure.
Learn from real practitioners not just trainers.