Socious provides online community software to companies and associations to increase revenue, improve customer retention, and create more market-driven profitable products. Learn more about Socious online community software.
By now, you know how importantcustomer retention can be to the future of your business. You know that acquiring new customers costs five times as much as retaining the customers you currently have. You’ve probably seen research suggesting that improving your customer churn by just 5% can produce a profit increase anywhere from 25-125%. Do you also know that 80% of your future revenue is likely to come from just 20% of your current customers?
When people think about online community managers, they often envision a social media ninja who can manage their world with a laptop and a smartphone.
Socious recently launched a new professional services group to help businesses and nonprofit membership organizations increase engagement and the return on investment of their online communities.
We wish all of our ideas were original. The truth is they are not, nor do they have to be. A big source of great business strategies comes from analyzing what other companies have already done. This is especially true when you implement emerging technologies, like online customer communities and other social crm platforms.
If you’re involved in community management, you’ve likely heard of the 90-9-1 principle. The numbers represent speculated percentages of engagement in online communities—with 90% of participants only viewing content, 9% responding to content, and 1% actively participating in the creation of new content.
Hiring an online community manager is one of the most difficult positions for organizations to fill. Since community-based customer relationship strategies are new to many companies, there is often no template for an effective community manager’s skills, experience, and personality traits.
The foundation of your online customer community is value. It is the value of the information, discussions, and connections that turn an initial visit to the community into a habit. It is things that are important to your community members and worth their time that motivates them to visit, click, and contribute.
There was a time when email listservs were the new kid on the block.Short for “mailing list server,” your listserv has probably served your association or membership organization well over the last decade or two. You’ve been able to easily send out automated emails to segmented lists and your members have enjoyed reply-all options that allow them to easily communicate with the group.
During their heyday, listservs made a huge difference in member interaction and association communication. However, they’re now competing with new options that have additional opportunities for member engagement and membership value.
You often hear about how to leverage data from your private online customer or member community to inform decisions about product strategy, customer retention, or which customers are your biggest advocates.However, you don’t hear as much about how to use the behavioral information in your online community to create more effective marketing strategies.
Our friend Amanda Kaiser, an expert in leveraging customer insights in both the business and nonprofit arenas, has kindly provided some tips for how to use social data and trends in your marketing plan.
When your private online customer or member community is in its early stages, you have to rely heavily on content as the driving force that brings people in. Your online community is not just competing against other communities and social spaces, but other priorities as well.
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