About the Business Social commercePower of EngagementWhat we dowhat we deliver Social commerce – or the ability to purchase products and services directly through a social media platform—is becoming increasingly accepted among today’s consumers. The shift to social commerce represents the next great opportunity for today’s businesses. The explosion of social media technologies—such as social platforms (Facebook, Twitter, Google), sharing sites (Pinterest, Instagram, YouTube), localization sites (Foursquare, Shopkick, Nextdoor) and messaging platforms (WhatsApp, Snapchat, WeChat)—have created a vast ecosystem of digital networks that customers spend more and more time in to live, love, share and, as of recently, shop. The shift has been dramatic and significant. Social media adoption has become pervasive among internet users, especially young consumers. More than two-thirds (67%) of all online users are active on social media, with nearly all (90%) of Millennials checking in on social media regularly, and active users are spending a lot of time on social channels, with usage now accounting for more than 28% of all media time spent online. This social channel shift represents one of the greatest opportunities—and challenges—the retail industry has ever faced. The great promise includes the ability to connect to customers on a more personal level and in more meaningful and immediate ways than ever before. New and emerging social media capabilities promise to open new markets and create new business models, and they offer new channels of commerce. This explosion of new social touchpoints and capabilities, however, also presents an unprecedented challenge for businesses to guide, manage and influence the customer experience in an environment that at times seems largely out of their direct control! Social Engagement has gained so much attention because it works. It gets people excited about your brand, and is used to increase customer satisfaction and retention. If that’s what you’re doing, then you’re on the right track. If you stop there, or aren’t working on engagement at all, then you’re still missing out. Excitement, satisfaction, and retention are not the only ways customer engagement can benefit a business.Currently, most organizations don’t tie customer engagement to enough real business processes and outcomes, and because of that, they overlook some major applications. One of these is selling more to current customers. Even if many business people still don’t realize it, customer engagement can increase sales to existing customers, improving overall business revenue. Customer engagement increases existing customer sales both directly, in terms of revenue per customer, and also through the trickle-down effect of other benefits. Here are five of the main ways engagement positively influences current customer sales. The following are 5 ways in which customer engagement increases sales to existing customers. #1. Customer Engagement Increases Awareness of the Solutions You Offer: The first of several indirect ways engagement improves sales to existing customers is by growing awareness of your organization’s different solutions among your customer base. As customers are kept more engaged and informed through support conversations, emails, and interactions between customers in your portal, you also improve awareness of the variety of solutions your organization offers. Those solutions include different services, product add-ons, updates, and other offers. #2. Customer Engagement Increases Brand Awareness: As you engage your customers, you expose them to your brand over and over again. Every time someone logs in to your customer portal, they see your organization’s name. Every time they participate in a discussion, they think about your business or product. All of this increases brand awareness, which means that customers are thinking of you more and more often, and are more likely to think of you when they need another solution. That recognition trickles down into revenue and sales when it comes to renewing contracts or purchasing additional products and services. This engagement and recognition has an extra trust benefit as well. The more you engage your customers, interacting with them through support or Q&As in your customer portal, the more trust you build. When customers trust your brand, they will continue coming to you for products and services to solve their problems. #3. Customer Engagement Increases Customer Activity Data: When customers participate in your customer community, come to events, or visit your website, they leave a trail of insightful data about their interests, priorities, and challenges. That information can be used to determine existing customer buying preferences, pain points, and which products best suit each customer. Sales teams can use that data to discover the best sales opportunities, along with the best ways to pitch and expand your relationship. If customers are not engaged, they don’t provide that activity data. On the flip side, as activity data increases and improves, it’s more likely it is that sales people can use the data to get the right offer in front of the right customer, at the right time. #4. Customer Engagement Increases Transaction Amounts: Research has shown that revenue growth is tied to customer engagement. According to PWC, organizations using digital outreach methods forecast higher revenue growth, and Bain & Company found that engaged customers spend between 20% and 40% more than other customers. Whether they’re using social media, an online community platform, or email communication, the more engaged your customers are, the more they’ll spend, increasing your revenue per customer. #5. Customer Engagement Increases Customer Advocacy: Increasing customer advocacy is a common goal for many businesses, but not all realize that this works with both new customers and existing customers. Acquiring new customers generally leverages an advocacy program, where you will identify, engage, recruit and nurture new brand advocates. Your advocates will refer new customers to you, so you can grow your existing customer base. Often, your engaged customer advocates will also naturally interact with your current customers, leaving comments on blogs or posts in discussion forums about best practices or new uses for your products. This provides new ideas and compelling reasons for your existing customers to purchase new or different products from your business. Summary Despite focusing on customer engagement as an important trend, many companies are overlooking the full range of benefits that come from engaging customers. Engaged customers lead to improved satisfaction and retention, as well as increased sales to existing customers through advocacy, high-spend transactions, and brand recognition. When taking these benefits into account it becomes even more important to focus on customer engagement and building lasting relationships with customers. Business In Gear is a systems solution developer and operator. An Over-The-Top (OTT) provider of social networking, engagement and eCommerce services leveraging on the advantages of emerging technologies such as Artificial Intelligence and BlockChain. We develop and deliver solutions in social networking, eCommerce and social engagement. Among the solution’s are eSimon; a social commerce platform and viral marketing system, SIMonassist, a social lifestyle application that provides personal advice, location based assistance and personal safety options when we need it most. eSimon is a social commerce application, an aspect of eCommerce, it leverages on the integration of social networking with purchasing behaviors to create social engagement. More succinctly, it blends various forms of social interactions and relationships with the opportunity for users to promote, sell and buy items in the course of conversations. More than just an eCommerce platform, eSimon collects, analysis and produces social insights, brand value and consumer sentiments by extracting patterns from online activities. It serves as a non-intrusive advertising engine by placing relevant ads in high traffic areas and where they matter most. SIMonassist is a lifestyle mobile application that provides app2peer communications, location-based and personal safety features that translate into Community, Concierge and SOS services. the solution is ideal for Mobile Operators who want to increase their social media services while leveraging on their core capabilities in providing ubiquitous call and messaging termination across all networks, billing options and customer service superior to popular OTT solutions. All of our solutions and services cater to the revolution of how we work and play in today’s mobile lifestyle. Either as applications for everyday use or systems that measure and process data to improve the ways in which we live our lives! Our premier solution is eSimon, a social commerce platform that delivers a mobile-first application for enterprises, brands, small business and individuals to establish their presence in the Digital Economy. eSimon provides immersive social engagement around content and an invasive eCommerce experience in one application. Our content management platform creates incredible digital experiences that allow governments, global enterprises, small businesses and everything in-between to manage and deliver content across channels and devices to engage the right users, at the right time. An integrated eCommerce and product marketing solution creates interactive eCommerce experiences that attract and convert shoppers throughout the buying lifecycle. Flexible and feature rich, eSimon provides experiences that blend content and commerce together allowing administrators to either offer their services through an eSimon Shoppe, or integrate with third-party eCommerce systems. We provide clients with the ability to extract value in engaging with fans, customers and prospects; to run campaigns; to create immersive engagement around brand values; to capture and measure trends and patterns; to bring eCommerce to the forefront of their social engagement with customers and prospects. We operate the platform and create engagement but put management of the social commerce channel in the hands of the client! Our client segments include entertainment, media, automotive, lifestyle and growing…. Talk to us about a solution that can help you to retain your customers, increase your revenue, and achieve your digital strategy!