The Social Opportunity

Social media has become part of everyday life, from humble beginnings to the powerhouse that it is today. It has empowered consumers with a vast array of tools to contact, discuss, research and interact with the brands they are passionate about. Social media can be incredibly powerful: but do you know how to leverage the impact social media has on your business?

Social media has become part of everyday life, from humble beginnings to the powerhouse that it is today. It has empowered consumers with a vast array of tools to contact, discuss, research and interact with the brands they are passionate about. Social media can be incredibly powerful: but do you know how to leverage the impact social media has on your business?

With the number of consumers active on social continuing to grow – and become more than willing to voice their opinions on a brand – the need to engage with your community is paramount. The conversation will happen whether you are involved or not; and isn’t it better to know what is being said (for better or worse) than to remain blissfully unaware and miss the opportunity that awaits you?

Given the prevalence of social media in the modern age it’s understandable that this would have an impact on how customers want to interact with your brand. Did you know that 33% of customers prefer to contact brands using social media rather than traditional means such as the telephone? There has also been a shift in the amount people are willing to spend thanks to social media, with a 20% to 40% increase in spend seen from the more socially engaged/savvy customers; with those brands willing to jump in and engage with those customers reaping the rewards. The brands that haven’t made the leap are seeing the impact, with an increase in the churn rate of their existing customer base resulting in the expected flow on effects across their businesses.

Getting involved in social media isn’t just the realm of the young or emerging companies anymore. It’s become a must-have contact point for you and your brand to engage with the people most important to your success: your community. If they love you, thank them for their support, learn what’s working, and build on that success. If they aren’t happy, find out why: engage with them, potentially gain some valuable insights, and turn those detractors into advocates to see your community blossom.

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Stefanie Cutrera

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