Women are naturally relational. Little wonder how a woman is significantly affected when a relationship goes awry. Could this also be the reason why so many women use social media to interact and keep in touch? While this can be a distraction for a woman, this could also be an advantage to women in business?
What do the statistics reveal?
According to a research by bandwatch.com, the chief social media platform used by 71% of the online population, Facebook, is dominated by women (76 percent) as opposed to men (66 percent) and averagely, women have more than twice as many posts on their Facebook walls and have 8% more ‘friends’ than men.
So with this in view, how can women use social media to increase profit?
- Build and Retain Customer Loyalty
Stats have shown that it is about six times more expensive to acquire new customers than it is to retain old ones. Using social media can help you to connect with your customers in many ways. It also makes it easier for the customers to reach out to you making it easier for you to attend to their concerns if any does arise.
This will keep you in the front row of your customers’ heart so that whenever your customers need the service that you’re offering, your business comes to mind first thereby leading to an increase in profit.
- Get More Insider Information About Your Customers.
Social media enables you to get insider information about your customers as it allows you have an idea of the kind of discussions they have, their desires, likes, dislikes and even gives you a peek into their dreams. This information can be used to create complementary products or launch entirely new services that your customers will receive with much delight thereby making you wealthier.
- Get More Referrals From Existing Customers.
When you’ve connected with your customers on social media and are actively building a relationship with them, it becomes much easier for them to recommend you to their friends and families – Your business is only a ‘share’, ‘retweet’, or ‘repost’ away from landing new customers.
And remember, word of mouth recommendation beats every other known form of advertising and best of all… It’s free!
So there you have it. Three creative ways you can increase your profit using social media.