How Much is a Like Worth? is a Good Question
It’s been called the million-dollar question: How much is a like worth? While we admit we’d “like” to know, in fact, we suspect we already know – a like’s worth varies depending on the influence of the liker. And while the liker might not appear to “like” you much in terms of sales, at least one study suggests a customer’s fondness for your company is inversely proportional to his value in terms of referrals.
As author Don Peppers explained last month, a customer’s lifetime spend with your company has nothing to do with his or her referral value to your company. Peppers also dug up a much older article that illustrates three very important concepts we drive home to our customers and incorporate into every sales program.
1. When you understand your customers, you can value them and communicate with them in different ways.
2. It’s critical to follow up with your customers after they’ve purchased, to make sure they’re happy, to win their loyalty and also to remind them to recommend you to friends.
3. Knowing a customer’s lifetime value doesn’t matter if you can’t keep them for a lifetime. In other words, customer service matters, a lot, to your company’s continued profitability.
In future posts, we’ll discuss some of the elements that go into our sales programs, including attracting customers and keeping them, effective survey tips, and how to be sure your company’s customer service is doing right by you and your customers.
In the meantime, we think it’s worth asking, what’s a like worth? But as we remind our clients daily, it’s just as important to ask, why are we worth liking?
Sales Renewal’s insight: