Acquiring a new customer is costly, but losing an existing customer can be costlier. In past few years, my experience interacting with the brand team has been the same. Many of them think that it is still ok to NOT have a proper ORM team. Most of the #digital #startups believe in focusing only on acquiring new customers rather than simultaneously building retention strategy for existing customers. A strategic #orm process comes into picture only when the brand falls into crisis on #socialmedia.
New customer acquisition is important, however, simultaneously retaining the acquired ones is more important, simply because a brand has spent huge money behind #salesandmarekting and #promotion to acquire these customers, losing them would nullify the effort and investment. If the funnel is being filled from one end and has a leakage at the other end, it will never be complete, in-fact it puts more stress on customer acquisition. This in turn keeps on increasing the cost of acquisition for new customers.
The solution to this is 'Effective Customer Life Cycle Management'. The customer who decides to spend money on a product craves more attention. Especially on #socialmediaplatforms, where customers do not take rejections lightly, because #socialmedia has made them the 'Real King'. A strategy based #ORM process that not just posts a first level response or divert a customer to another channel but effectively provides resolution to their queries in tandem with the customer support team/back office team, helps in building more brand loyalist users. At one hand the filling of the funnel happens by the way of new customer acquisition, at the other hand an effective #ORM process closes all the leakage holes to ensure the customers are retained and become advocate even offline. A satisfied customer promotes the brand offline by word of mouth.
If you are a #B2C, #D2C, #newagestartup, #digitalbrand setting up of effective and strategic ORM process is relevant from day 1. If you already have an ORM team (in-house or outsourced) evaluate the ROI it is giving you.
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