eMarketer suggests that social media is a channel better used for client retention than client acquisition. The premise seems sound as those who are likely to "Like" a brand or to follow a business are likely to have familiarity with the brand/ business.
Albeit, would-be mind-share seekers rarely stop there. Exposure is hoped to lead to acquisition and many approach social media expecting new customer acquisition as a fundamental benchmark of social media success. To add to the complexity of the situation smaller businesses are well outspent - in time resource, in expertise - when it comes to social media. Small businesses may feel they're on a level playing field but they are no doubt outspent by larger organizations that compete for customer attention. What's your take? Should organizations approach social media with new customer acquisition in mind?Amplify’d from www.emarketer.com
Social Media Working Better for Retention Than Acquisition
SEPTEMBER 20, 2010
Campaigns to acquire new customers have not taken off
Social media marketing has been around for several years, and as marketers begin to converge on best practices and use the channel in more uniform ways, it is emerging that their top goals are brand awareness and cultivating customer loyalty. Conversely, customer acquisition through social media is less important.
The report noted that customer acquisition is a more important goal for smaller companies, which often use social media as an inexpensive marketing channel. Those companies are devoting budget to gaining new customers through social media, but by definition their budgets are small. They are overshadowed by large companies who have chosen social media primarily as a venue for cultivating customer loyalty and spend more heavily in that area.
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