Today, social media feeds are full of ads, sponsored posts, and videos from influencers promoting the latest finds. The amount of content in feeds is increasing, to more than what customers can consume, leaving organic posts to become invisible and inundated by sponsored content. The more content is published, the more organic reach falls naturally. Because of this, social platforms are becoming a less viable channel for driving traffic.
Social media is a vital marketing tool for every company, but some brands have already cut back on their social engagement, emphasizing their outlook for building meaningful connections with their customers. With 90% of the U.S. population on social media, brands can’t “just leave.” Although social media presence is important, it is also equally important to be engaged with a targeted audience, which is where social media falls short. Social media is great for touchpoints and one-way interactions, but to really connect with customers and open up the door for long-term loyalty, brands must turn to channels that allow them to collect higher-quality data and build two-way, meaningful relationships.
Harnessing the Power of Data
With the inundation of paid ads and influencers, it’s almost impossible for consumers to decipher between what is organic versus what is sponsored. In addition, typical social media channels only give brands access to third-party data. While this data is helpful for targeting ads, the most valuable data — first-party data — that could help understand preferences, the customer journey, and what offers might resonate best, remains elusive. As it stands, brands can’t see what is collected from clicks, browsing habits, and what posts catch the users’ eye – all of which could be used to create more personalized and meaningful experiences for the shopper.
As brands look for ways to overcome this data barrier, an alternative could be beginning to use a brand-owned customer network. This brand-owned channel can serve as an extension of a company’s e-commerce site and gathers first- and zero-party data via polls and surveys, user-generated content like review posts, and interactive communication via chats. Brands gain a powerful tool to help keep them stay relevant and top of mind for customers with access to this data. From there, they have everything they need to craft personalized offers, exclusive content, and special promotions based on engagements and purchase history – creating a more compelling journey for the consumer that ultimately ends with them purchasing products.
Better Relationships and a Better Bottom Line
To overcome issues raised on social media platforms, businesses need a platform that connects both brands and their customers to create a sense of community. In fact, 27% of customers say belonging to a brand community influences their decision to do business with the brand and, 66% of companies claim their community has a positive impact on customer retention.
Bringing customers together in a social community can have an immense impact on not only sales but the overall customer-brand relationship. Brand communities have been co-existing with brands in the form of loyalty rewards and membership systems for years, but as consumer behaviors shift to be more digital, these communities are evolving simultaneously. By creating a space where customers can leave honest reviews and share insights, brands foster a community environment and empower customers to share real dialogue about products – taking the best parts of social media and recreating it within their own environment. Having these authentic engagements not just with the brand but with other shoppers fosters a deeper connection to the products and community, enhancing loyalty, and influencing buyer decisions. For brands, this means measurable and actionable engagement, leading to an increase in customer retention and, in the long-term, sales.
As 2023 comes to a close, the need for brands to build meaningful relationships with their audience as opposed to fleeting moments of attention comes to light. The future of brand building is all about understanding the customer journey, fostering communities, and harnessing the power of data. The brands that can do these things successfully will build loyalty and advocacy, and achieve new levels of customer satisfaction and experience.
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ABOUT THE AUTHOR
Manu Mathew, CEO of Cohora
Manu Mathew boasts a rich history of involvement with several marketing software-focused startups. Presently, he serves as the CEO and Co-Founder of Cohora, a B2C Customer Retention & Activation platform. Before spearheading Cohora, Manu held the position of President of the Americas for Ad-lib.io, a creative optimization SaaS business headquartered in the UK. His role included steering Ad-lib’s successful entry into the US market and orchestrating the establishment of US go-to-market operations. The remarkable growth in the US market eventually culminated in Ad-lib’s successful acquisition by Smartly.io in 2022.
Prior to these ventures, Manu co-founded and served as the CEO of Visual IQ, a market leader in the space of cross-channel marketing attribution targeted at the world’s largest advertisers. At the time of the acquisition by Nielsen in 2017, Visual IQ had been recognized with several awards for pioneering the attribution space boasting over 250 clients and 325 employees around the globe.
Beyond his professional pursuits, Manu finds joy in cooking and is currently navigating life as an empty nester in his free time.