Connecting with customers is essential for achieving revenue generation goals and making a business successful. However, marketers must understand which approaches are highly likely to get the best outcomes. They can then broadly focus on those and tweak them as needed to cater to particular audiences.
Engaging Social Media Content
Social media posts help individuals get to know a brand by learning about its values, products, and other notable attributes. People’s comments on social media can also indirectly promote revenue generation by revealing what the target audience cares about most.When brand managers, marketers, and other relevant professionals take note of what consumers say, they’ll get insights that will help them offer more appealing products and services.
Since people so frequently share social media posts that resonate with them, that natural spreading of a brand’s message can help more people become aware of the company.
It’s also helpful that many people use social media as a buying platform. A 2023 study indicated 47% of respondents had bought something that way. Then, 58% of those who hadn’t yet were interested in making purchases that way.
The possibilities for enticing social media shoppers go beyond static images, too. That’s because 46% of surveyed consumers said they’d bought something through a social media livestream event and would purchase that way again if given the chance.
Marketers should do everything they can to reduce the friction associated with consumer purchases. Using social media to show off the products is an excellent way to do that because it meets consumers where they are rather than requiring them to go to another online destination.
Social media channels can also be excellent vehicles for helping people feel inspired and showing them how they could use products. If potential shoppers see lots of photos of how they could wear an outfit or how a specific item would make their lives easier, they’ll become more eager to buy products. That tendency boosts revenue generation.
A Commitment to the Greater Good
An increasing number of customers want to support companies that do more than boost the bottom line. Consumers prefer to align with brands that have stated and serious commitments to giving back. Those most often come through environmental, social, and corporate governance (ESG) efforts.
A 2023 study examined the effects of ESG claims on sales. The results were impressive, indicating products that had them showed 8% more growth than their non-ESG counterparts.
Then, another more in-depth aspect of the research involved examining five years of sales data from the United States and 600,000 products. The parties overseeing the study were curious about the effect of nearly 100 ESG claims. All products containing them were foods, beverages, household items and personal care goods.
A close look at the outcomes confirmed ESG claims did not always cause sales boosts. But there was a marked consumer preference for products backed by them. Marketers will also appreciate that the potential for increased revenue generation exists regardless of a company’s size. The data revealed both large and small brands got sales gains from their ESG claims. However, some variation occurred in the speed of the growth across product categories.
No matter what companies sell, marketing team members must work hard to show the credibility and authenticity of any ESG claims. Customers have gotten much better at determining whether a company is truly doing good or just trying to give that impression.
Listening to customers’ feedback about how a company could improve provides an excellent starting point. Perhaps people frequently complain about how a brand’s packaging is not easy enough to recycle. Changing the material for convenience is one small step in the right direction.
A Spotlight on Outstanding Service
Most of today’s consumers don’t view great service as an afterthought. The results of a 2022 study revealed that 70% of consumers used service as a deciding factor in whether to purchase something. Relatedly, the majority of business representatives in the survey agreed there was a link between sales and customer service.
Even as customers prioritize service, 54% of respondents felt companies view it as an afterthought. That indicates a lack of understanding between business executives and the audiences they serve.
Marketers have plenty of ways to tap into better service for revenue generation, though. Consider how 90% of consumers in the survey would spend more money with companies offering personalized service.
Today’s consumers also like the empowerment that comes from being able to find help without asking someone. More specifically, 89% would spend more at companies that provide the tools needed to find answers themselves.
Another valuable takeaway is that 63% of those polled were willing to hear product recommendations from customer service agents. It makes sense for marketing professionals to work directly with service personnel to ensure they have the information needed to guide customers to the most appropriate products. Succeeding in that approach will help revenue generation and lead to higher satisfaction rates.
Chatbot Engagement Opportunities
Most companies don’t have staff working 24/7 to answer customers’ questions. However, chatbots can fill that gap. Chatbot creation tools are increasingly accessible and user-friendly, making them well worth a look. A chatbot can give customers details about average shipping times, available colors, or a host of other topics. Then, that immediate and targeted knowledge plays a significant role in revenue generation
Customers are also open to using chatbots in a wide variety of ways, but many haven’t tried them yet. A global survey revealed only 4% of respondents had tried them. However, when asked about the ways they were open to using chatbots, the results showed tremendous opportunities for potential revenue generation.
For example, 44% were open to using chatbots to learn about products before purchasing them, including through comparison shopping. Then, 35% said they’d let a chatbot handle customer service duties associated with currently used brands or retailers. Chatbots can also boost awareness since 34% of respondents said they’d agree to receive alerts or updates about products of interest.
However, research elsewhere also illuminates the need for marketing professionals to take care when handling customer data — for chatbot purposes or otherwise. A 2023 study from Gartner found 85% of marketers had created formal data-handling policies. Even so, they consider customer privacy an ever-present obstacle. One option — used by 72% of respondents was to give customers control over their data.
That’s an understandable approach but not an easy one to implement. For example, marketing departments, customer service teams, and all others who handle data may need to limit what they do with data and why. Plus, giving customers control over their information may require the company to delete it upon request. Figuring out how to do that is often worthwhile, but the process needs buy-in at all company levels.
Revenue Generation Efforts Need Customization
These are some of the broadly applicable things to focus on when driving revenue in a customer-facing business. However, any techniques marketers try will achieve even better outcomes if they tweak them to reflect specific aspects of the company.
Although people across all generations can recognize excellent service, individuals of various backgrounds or those with particular values and priorities may have differing opinions about how businesses should give back to the world. Relatedly, suppose a business primarily serves people over 60. In that case, that audience may be more hesitant than others to engage with chatbots or similar technologies that could increase engagement among younger population groups.
Customized efforts take longer to orchestrate. However, the results are often well worth the effort because they help companies gain and keep momentum.