At LiveWorld we recently conducted some research on social customer experiences. Through our research we found that 74% of retailers don’t have a social media strategy to improve the customer experience, and that the same percentage don’t have a plan for influencing the buying process through conversations. Yep, 74%. That’s startling. The data from social media and conversations is out there, and retailers should be using it.
In fact, related to our research, LiveWorld CEO Peter Friedman recently spoke to marketing and customer service leaders in retail at the recent Digiday Retail Summit. At the summit Peter discussed how to enhance the customer experience through smart social dialogue and extending brand experiences to virtual spaces. He also stressed to the audience that brands and retailers need to stop thinking about social media as an advertising space, but as a space where companies can actually connect with and have a dialogue with their customers, ultimately creating a better customer experience and hopefully more satisfied customers too.
To drive home his point and prove the value of working on their brand’s customer experience in social media, Peter explained a McKinsey & Company study that found that 70% of buying experiences are based on how customers feel they are treated. What’s more, when it comes to customer acquisition, the data shows that customers are no longer basing their buying decisions based on the price or the product or the location, but rather how they are treated.
Watch this video and learn how to join the ranks of the savvy 26% of retailers who are using social media to shape relationships and build customer loyalty.