When you think of Foursquare, you may think of it as simply a great check-in service that allows friends and family to see where you are at or have been. Yes, it is that but it is much, much more. It is an extremely effective and useful business tool as well. There is an entire marketing system in place behind the scenes. Businesses, retailers and even individual brands can all benefit from the marketing genius of Foursquare.
Retain your existing customers
Foursquare uses a simple marketing technique which places emphasis on retaining existing customers. Millions of dollars are spent on a daily basis by companies trying to bring in new customers but Foursquare’s approach is aimed at enticing customers to stay with the business they already know and love.
For small businesses, keeping customers happy and making them feel special is an easy task. Simply remembering customer’s names and interacting with them on a frequent basis will keep them coming back because it’s a place where they feel comfortable. Larger businesses are usually not able to attain this.
Social networking has changed the way businesses interact with their customers. Of course television and radio advertising are still solid marketing plans but social networking has become a much more visited platform. With Foursquare, businesses get the best of both. They get a solid marketing plan through the badges program, plus a social network that allows friends and businesses to interact on the same level.
By offering discounts to customers who “check-in” often or become “mayors” of an establishment by having the most check-ins, businesses are reaching out and giving customers a kind of competition to compete for with prizes being the discounted or free products and services or other marketing choices.
Why is Foursquare advantageous
One more reason for Foursquare’s success is that the services they offer are mutually cost-efficient. It costs more to market for new customers and it is easier to retain the existing ones that a business already serves. The actual percentage cost is approximately 5-9 times as much to market new customers. Yet, a recent study by Harvard Business Review showed that approximately 91% of all small businesses do not bother attempting to retain their current customer base. Other studies have shown that a typical American business will lose 50% of its customers during every 5 year period.
The benefits are there for businesses to retain their customers as other studies have shown that current customers spend around 67% more on products and services than a new customer will spend. Approximately 68% of all customers leave because they don’t feel appreciated anymore.
Here are some quick tips to help integrate Foursquare into your business marketing plan:
- Start your company page and fill out your company profile. You want to be noticeable and easily searchable in the rankings so put as much info out there as possible.
- Link your Twitter and Facebook accounts. Social networking is the future of marketing and you want to be able to reach your customers no matter what social platform they are using, any time of day. Customers spend a lot of time on Twitter and Facebook, whether it’s on their computer, laptop, tablet or phone. The old saying, “go where your customers are” rings true and the best and easiest to access location of your customers is through social networking.
- Keep it up. Don’t just post every few months and expect that to be enough. You should interact with your customers through social networking to gain a kind of “friendship” with them. If they see your posts online and notice you interacting with them through comments, posts or chats, they are more likely to feel comfortable continuing using your services or buying your products.
Foursquare has practically revolutionized the social networking as well as marketing industry. Foursquare’s bringing businesses together with their customers in ways never seen before.
About the guest author: This guest post was shared with you by D. Blackthorn. Dmitri does online marketing and SEO for Drm Removal software team. Click here to visit his current project.
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