By Jamie Turner, Founder, 60 Second Marketer
Each week, I send special tips and techniques to subscribers to our e-newsletter. The people who have signed up are interested in getting additional tips on how to improve their social media and mobile marketing programs.
Today’s e-newsletter focused on two interesting topics: 1) Social media ROI and, 2) How to get more from your social media campaign by actually doing less.
It was such a popular e-newsletter that I decided to post it on here so our blog readers could enjoy it.
Did you know that a good social media campaign can increase your Customer Lifetime Value?
In its simplest form, Customer Lifetime Value (CLV) is the amount of revenue a typical customer generates for your business during the time that they’re a customer.
So, if you’re a lawn care company and you charge $80 per month for lawn care and your typical customer stays with your business for 3 years, their CLV is $2,880.
Here’s how that calculation works:
CLV = $80/mo x 36 months = $2,880
(If you’d like to learn more about CLV and social media ROI, check out the e-book I wrote that’s available here: Social Media ROI Explained)
So, How Does a Good Social Media Campaign Increase CLV? The answer is pretty simple — studies show that people spend more money with brands they trust, and they trust brands that they have ongoing relationships with.
But if you have an email campaign, a Facebook page and a QR code campaign — and you use those campaigns to stay in touch between visits — you can change your customers perception from “They’re trying to sell me something” to “They’re trying to help me.”
When customers feel as though you’re trying to help them rather than sell them, they’ll buy more stuff from you.The end result is that instead of spending $35 per visit, they might spend $45 or $50.
How You Can Put This Insight to Work. Most businesspeople will admit that they don’t actively engage with customers through their social media campaigns. For some reason, they believe they can set-it-and-forget-it. But that’s not true.
With that in mind, here are a list of actions steps you can take to help solve that problem:
- Review Your Existing Campaign: Take a look at what you’re currently doing. Are you actively engaging with people on a daily basis with your social media? If you’re too busy to engage across multiple platforms, can you delete a few accounts and engage across fewer? That’s a counter-intuitive solution that might work for you.
- Study Your Competition: Take a look at what your competitors are doing. Better still, take a look at what top-performing professionals in other industries are doing. (That’s what I did when I analyzed Michael Hyatt’s blog. He’s got a fabulous blog that’s beautifully designed and packed with terrific content.)
- Don’t Upload Just to Upload: People (myself included) sometimes fool themselves into believing that uploading anything is better than uploading nothing. That’s not actually the case. (As an example, we’ve spent the past month trying to improve the content on our blog by only uploading genuinely useful content written by top professionals. Hopefully, it’s working.) Take a look at the content you’re putting out and, if necessary, scale it back. Only put out the best content. And make sure that whatever you upload gets filed under “Must Read” in your visitors eyes.
A Final Thought: You’ve got a lot on your plate already, so the last thing you need to do is to worry about doing more. If you read through this e-newsletter carefully, you’ll see that I’m actually suggesting that you do less with social media. The trick is to make sure that what you do execute is top-notch, first-class all the way through.
I hope all that helps. Let me know if you have any feedback.
Note: The post above was taken from our weekly marketing e-newsletter. Thousands of people around the globe are enjoying it already. Why not join in the fray?