Company advocates can have a huge impact on your business. So much in fact, that decent advocacy can increase your company's revenue growth by two times.
The most important type of advocates are your customers. And if you're running a B2B or SaaS business, revenue is most likely coming from subscriptions. By managing the relationship with your customers to help them achieve success (this process is defined as "Customer Success Management"), you can reduce churn AND create customers who are likely to refer your business to others.
The value of just one customer advocate for a SaaS company can reach $500,000. Also, by focusing on existing customers, you can save up to seven times the cost it would take to directly acquire a new one.
So how else can you create customer advocates? Referral rewards programs are a great way to bring customer advocacy to a higher level, by giving your customers something in return. Referrals are more important than you think: 84% of B2B decision makers start the buying process off with one. It always helps to have a quick introduction with someone you know!
Social media is another great way to give your customers a voice. Provide unique, shareable and engaging content that your customers and their contacts can participate in. Don't think social media important for brand advocacy? How about this statistic: nearly half of all US executives think that an increase in brand advocates is one of the most important benefits of social media.
But don't just focus on your customers. Putting a face behind your company can create a personable experience for customers, and giving the spotlight to your employees is a great way to start. The more your employees promote your company, the more your customers are likely to trust it (in fact, 67% of customers trust content created by one of your technical employees). Plus, a positive employee attitude will affect how satisfied your customers are (up to 80%!). Bluenose, a customer success platform for SaaS businesses, has created an infographic highlighting more tips to create powerful company advocates. Take a look at it below, and let me know your tips for creating company advocates in the comments.