Net 2.0 may be utilised successfully to lift the levels of client engagement, which, in turn, is known to help boost loyalty. You will find adequate figures offered to show that retaining client loyalty is crucial for any brand name.
The subsequent really should support to illustrate this further:
1. An increase of client loyalty of 1 % is equivalent to some 10 % expense reduction (supply: Bain & Co.)
2. The probability of selling to some new prospect is only 5 percent to 20 percent while the probability of selling to an existing consumer is 60 percent to 70 percent (source: Advertising Metrics)
3. Client loyalty accounts for 38 percent of margin, 40 percent of revenue growth and 38 percent of shareholder value (source: Accenture Research).
Employing Internet 2.0 to gain greater loyalty from customers:
Increasing the degree of engagement with the customer can lead to an enhance in customer loyalty. Among the ways and means that are readily available in this day and age, for engaging efficiently with the consumer, Web 2.0 is among the most effective ones. So, the marketers who build their strategies around it, along with other advertising and marketing tools, are likely to reap substantial benefits in terms of consumer loyalty. These technologies are moving fast towards the mainstream and those who do not incorporate these into their arsenal are likely to have to rely mainly on price-competition in order to improve sales.
The Internet 2.0 technologies enable marketers to reach out to potential customers or clients in ways that are more interactive and through which they can contact a larger number of people than methods that are more traditional in nature, besides staying able to analyze the results successfully.
This has produced it easier for businesses that are midsized or small to compete with larger ones, more than ever before. Online videos, wikis, blogs and other such applications allow them to interact with existing and prospective clients or customers, in more ways than before and more economically, as well, as these are less expensive than methods used traditionally. Some of the ways in which marketing might be done through Net 2.0, while making the best use of the funds allocated for the purpose, are as follows:
Sites for social networking:
As the average Net user tends to use social networks more and more normally, it has become possible for companies to benefit from the creation of user-groups centered around their services and products and try and have existing as well as prospective clients or customers join these. Through such networks or groups, not only can the users ask questions from company representatives or from each other, but also invite those recognized to them to join. Information regarding new service or product offerings can also be posted there, in addition to making announcements in real time.
In addition to that, a younger target group that often does not take adequate notice of services and products that are advertised traditionally might be reached out to through sites like MySpace, Facebook, YouTube, etc. However, even as it is fairly simple to create content on any of these sites, it is essential to refresh the concept periodically, in order to retain interest.
Blogging:
Blogs not only assist customers differentiate a company’s products and services from the alternatives obtainable, but also to do so at a negligible cost for the company. This enhances their appeal as tools for a company’s marketing and advertising effort to reach out to prospective clients or customers and to begin to establish relationships with them.
Therefore, blogs have the potential to provide an advantage to those businesses that make utilization of the medium of communication that these provide, over those that do not.
Here, too, fresh content has to be provided regularly, in order to retain interest.
Press releases:
Press releases have become a promoting instrument for communicating directly with consumers, as news websites, among which Google news and Yahoo news are quite prominent, have caused the syndication of news to become much simpler and more prevalent. These sites carry huge quantities of content in terms of press releases. Since substantial results are unlikely to be attained through news that is boring, even if it is optimized quite well, it is important to announce something that is newsworthy. Also, the message could possibly get diluted if the keywords remaining focused upon are too many and the information being provided is too much.
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