Retailers are always in search of new customers, and social media is an untapped gold mine for customer acquisition. Research by CeBIT shows that 74 percent of consumers rely on social media to influence their purchasing decisions.
One of the secrets to milking social media of buyers is social referrals, as 81 percent of consumers are influenced by their friends? posts on social media when making purchasing decisions.
How do you influence buyers and win social referrals without breaking a sweat"
Use exclusivity or scarcity
At the top of the hierarchy of human needs is self-importance. Humans generally feel the need to belong to something, command respect from others and be part of something exclusive, and retailers can exploit this. One of Robert Cialdini?s principles of persuasion includes scarcity. Using scarcity in retail marketing can skyrocket sales and social referrals, as no one wants to lose out on something limited. In fundamental economics, the less there is of something, the more valuable it is.
In application, retailers can install countdown timers on their websites or create graphics offering discounts or limited-time deals. Also, offering discounts to specific social media platforms followers sparks exclusivity and increases engagement, sales, and referrals on that platform.
Bear in mind that seasonal or limited products influence consumers, increase revenue and referrals during the set period. A perfect example is pumpkin spice latte from Starbucks, wh...