Here's a highlight of some of the top local-business-related news of the week:
Small Businesses Find Profit in Customer Loyalty
News Source: MediaPost
A joint study released by BIA/Kelsey and Manta this week found that small business owners are finally starting to invest in customer retention and brand loyalty.
61% of participants reported that more than half of their annual revenue comes from repeat customers, and noted that repeat customers spend 67% more than new customers.
86% of surveyed entrepreneurs spend the majority of their annual marketing budget to retain customers rather than acquire new customers, and 80% spend most of their time and effort fostering repeat business.
While small businesses are focusing their marketing efforts on retention rather than acquisition, they’re still lagging behind on the loyalty program front. Only 34% of respondents have a program in place, and most of these programs are offline, making it difficult to gauge success.
Key Takeaway: Acquiring new customers is both costly and challenging, so it makes sense that business owners are investing in strengthening existing customer relationships. However, without making good use of technology to track retention efforts, small businesses are missing out on valuable data that could help them assess which efforts are working and which aren’t. Protip: Constant Contact provides a great suite of tools that will help you keep customers engaged and allow you to track your efforts.
[Social Media News] Google+ Brand Posts See Twice as Much Engagement as Twitter Posts
News Source: Mashable
Everyone in the marketing community loves to hate on Google+, but a new survey from Forrester Research provides reason to take the social network more seriously. According to the 60,000-participant survey, 22% visited Google+ within the last 30 days—equivalent to the number of visitors on Twitter.
Furthermore, the study investigated more than 3 million user interactions with over 2,500 posts by brands and found that Google+ post engagement is much higher than engagement on Twitter, and almost as high as post engagement on Facebook.
Key Takeaway: To borrow words from Forrester researcher Nate Elliott: “If you’re not actively marketing on Google Plus, it’s time to start.”
[Social Media News] LinkedIn Retiring Products and Services Tab on Company Pages
News Source: Business 2 Community
LinkedIn announced this week that they’re retiring the Products and Services tab on company pages as of April 14th. To date, this tab has been the place where businesses have been able to showcase their goods to potential employees and customers.
Two relatively new features have made the old Products and Services tab obsolete:
- The introduction of Company Updates
- The launch of Showcase Pages
Both features require an active involvement from the business in lieu of a static description.
Key Takeaway: Think of this change as an opportunity to illustrate your business’s products and services dynamically. Instead of a boring text blurb, you're now able to share links, photos, and promotions with your LinkedIn followers. You'll be more likely to engage your followers and better equipped to showcase your unique offerings.
Other news catch your eye this week? Leave a comment and let us know!