There used to be a time when Return on Investment (ROI) was directly linked to the ability and willingness of a business to develop a meaningful relationship with the customer. Before the days of social media, online search, internet, yellow pages, and mobile communication, we had a hyper local economy where after a great product or service, relationships were everything. Relationships not only meant a life-long, loyal customer, but in an age where word of mouth business was king, a referral from a loyal customer was of highest value
Somewhere along the way, with the power and scale of communication that the evolution of technology has given us, genuine relationships have been all but lost and forgotten. The ability to catch the eyes of hundreds, thousands, or millions of people for only a split second has superseded the development of a life-long customer relationship.
Funny enough, despite this shift in popular marketing mentality, word of mouth marketing and loyal customers have never been more valuable.
That’s right, make no mistake, the ROI on a life-long customer is still there, and it is still possible to achieve… Oh yea, the one loyal customer you invest in a relationship with will be exponentially more valuable than the many one-time customers, they will also be much more likely to positively spread your brand and give you great referrals.
So while it may be tempting to use Social Media to gain a mass following and blast your products and services, hoping to get a few one time bites… There is a much more rewarding opportunity in the social media world to begin a life long relationship with one loyal customer. If you invest real time and energy into this customer, they will come back time after time, and refer you to many others… These referrals become automatic pre-qualified leads that offer the same opportunity to build a valuable relationship with, and the cycle repeats!
The best part is there is only a small percentage of people really leveraging this concept, which opens huge opportunities in almost every market and industry to invest in your customers, earning their trust and respect, building a community of loyal “referral engine” followers!
I’m not saying Social Media is the answer. In fact I am sure it is not.
It does however provide an incredible opportunity to lay the foundation for a potentially valuable and life-long relationship, which leads to both loyal business and great referrals…
How much is that worth to you?
