LOYALTY An Old Friend Or An Old Product, Which One Would You Stick With Longer? The power of brand resides in the relationship with customers Favr Town · 2023/10/05 If given the choice between sticking with an old friend or an old product, which one would you be more likely to hold onto for a longer period of time? How easy is it for you to abandon an old friend? How easy is it to abandon a product you are used to?As a merchant, would you want to be an old friend with your customers or an old product for them? For the majority of the population, the answer is clear. That's what customer relationships are all about. However, it's easier said than done. It takes a lot more effort to be their friend than a product provider. That's why customer relationships are valuable, and most merchants just stop at the product level.What does it take to be someone's friend? Remember their names (duh!), remember your interactions, remember their preferences, have a conversation from time to time, and help each other.Sure. How can you do that with thousands of customers? That's the magic of technology. You don't need to hire a special secretary to remind you of each guest's name, as seen in "The Devil Wears Prada". A scan of a QR code will bring up their history in front of you so you can start talking like an old friend.favr.town is the magic technology that can make a merchant feel like an old friend, not just a product, to a customer. Start to build solid friendships with each encounter and transaction. They care about you because you care about them. - In favr.town, this post is archived under CUSTOMERRELATIONSHIP, KNOWYOURCUSTOMER and LOYALTYPROGRAM.
INSTAGRAM How to Measure Each Instagram Follower's Value? Favr Town · 2023/10/05 Here is an answer from chatGPT:"Measuring the value of each follower can be challenging and depends on several factors, including their engagement with your content, their purchasing behavior, and their potential for generating brand awareness or word-of-mouth referrals. Here are a few ways to begin measuring the value of your followers:Engagement rate: Track how often your follower engage with your content, such as liking, commenting, or sharing your posts. The higher the engagement rate, the more valuable your follower may be in terms of generating interest and awareness for your brand.Conversion rate: Monitor how many of your followers actually convert into customers or make a purchase. This can give you an idea of how valuable each follower is in terms of generating sales.Influence: Consider the potential for each follower to influence others, such as their friends and family, to become customers or followers of your brand. This can be difficult to quantify but can be an important factor in determining the value of your followers."It all sounds logical. The problem is, how do you execute it? For example, where can you find the number of likes a follower has given you on Instagram? The answer is, nowhere. The same answer goes for all other parameters. You can't get the number of shares and sales a follower has made. It's almost impossible to calculate each follower's value on Instagram, Facebook, or most other social media platforms.Then comes the question: how important is it to measure each follower's value? The answer is, it depends on how much you'd like to get out of your followers. No differentiation, no maximization, as evidenced by different pay scales in the workforce. If you aspire to maximize the output from your followers, you'll need to match the reward with the contribution. Otherwise, you'll need to accept the fact that the number of followers doesn't always translate into sales.If maximizing the benefit of your social following is your interest, favr.town can help you accomplish that. In favr.town, rewards match with contributions. That's how successful businesses are built. That's how rewarding relationships are made. - In favr.town, this post is archived under FACEBOOK, FOLLOWER_WORTH, INSTAGRAM, REWARD and SOCIALMEDIA.
SOCIALMEDIA How Long Will You Keep Winking . . . If She Never Looks Back At You A loyalty program is just like dating Favr Town · 2023/10/05 That's how I feel as an Instagram follower - keep winking with all the likes or flirts "Yummm!", "That looks so good!!" or emojis, but never getting a glance back from those I'm following. Yes I know, they are busy businesses, big brands, and famous celebrities - people much more important and taller than me. There is no better place than social media to make me feel more trivial.After a period of self-pity and resentment, I developed a self-defense mechanism. First, they are not getting more than a cheap flirt from me. No purchases. No "Go Fund Me" donations. No sharing their posts with friends (why would I want to spread my sourness around?).Second, I use it for my own free entertainment. It's like the monkey in the zoo situation. Between the monkey and the human, who is entertaining who? That makes me feel taller, maybe even on the same level as those at the center of the stage.Third, I feel superior because I'm in the dark watching while they perform in the light. I know everything about them but they don't know anything about me. I'm the one who holds all the cards due to the information asymmetry.Last but not least, I don't get attached. They moment they try to monetize from me, like representing some third-party products, I stop sending likes. When their performance loses novelty, I cut ties and switch to someone else.Thanks to my defense mechanism, I like social media and myself again. It's a perfect dating market for no-strings-attached relationships. Once the music stops, we all go back to our own homes. No obligations. Not even an afterthought.So the answer is, I'll keep winking as long as the performance keeps going for free. After all, I'm not the mouse trapped in a wheel like the performer, tirelessly churning out content on social media.I'm very worried though, that one day a performer will recognize me and call me by name. That would be disastrous for my wallet. - In favr.town, this post is archived under DISLOYAL, NO-STRINGS-ATTACHED and SOCIALMEDIA.
SALES How do I . . ? How to draw more foot traffic, convert window shoppers, increase repeat purchases, generate social media sales, get customer referrals? Favr Town · 2023/10/05 Principle: When people have something from you, they tend to use it with you. The best way to hook people is to give them something first, something they can use toward a deal with you. How do I draw more foot traffic into my store? Grab their attention with your unique QR code from favr.town and a catchy phrase, such as: "Come on in, earn favr towards your fav item!", "Favr us, enjoy a surprise!"When the potential customer scans your QR code, they will be directed to your favr.town page and will automatically start a favr with you. They will earn your Welcome Favr right away and see their Favr balance with you on their page.This approach creates a fun and engaging experience for potential customers and helps to draw more passersby into the store. Keys:Display your QR code in a highly visible spot that's hard to miss to draw attention.Include a creative, fun, and irrestible sentence or slogan to encourage passersby to scan the code. This step is crutial in onboarding potential customers.A scan of your QR code is the start of a business relationship with you. When a passersby scans your code, you'll have their contact and profile information. They will earn Favr from you, which they can use toward a purchase. How do I convert window shoppers into customers? There are various reasons why customers may not make an immediate purchase decision. However, you don't want them to leave empty-handed and without a trace.Invite them to scan your QR code to earn favr for the visit. Those who take the time to scan are interested in doing business with you. If they continue to earn favr from you, they'll spend it with you sooner or later. How do I migrate one-time customers into repeat customers? How do I encourage more frequent purchases? Make every purchase the beginning of the next one, rather than the end of a transaction with Favr award.Allowing customers to earn Favr through social engagements and use it towards their next purchase can shorten the purchase cycle and encourage more frequent transactions.Rewarding customers for a physical store visit opens opportunities for spontaneous purchases. How do I turn Instagram (social media) Likes into sales? Share your favr.town link with your followers and start rewarding them with favr points for their likes and shares.When fans have favr to use towards a purchase, they tend to use it so it doesn't go to waste.That way, not only do you generate extra sales, but you also build a genuine physical relationship with your followers instead of just being a distant spiritual pen pal. How do I propel current customers to refer others? You can't improve what you can't measure.To build a vibrant referral network, you need to:First, track and count how many times your customers share your information with others.Second, acknowledge and reward them for sharing.Third, furnish them with good deals worth sharing, making them feel good about spreading the word.Last but not least, continue to nudge (gently) your customers to reinforce sharing and referring as a continuous cycle of action and reward.Keys:Continuously track and reward customers for sharing and referring friends. It's not a one-time campaign.Empower customers with attractive insider deals to share. - In favr.town, this post is archived under CUSTOMERREFERRAL, FOOTTRAFFIC, INSTAGRAMSALES, REPEATPURCHASE, SOCIALMEDIA and WINDOWSHOPPER.
VIRAL How Much Would You Pay to Create a "Go Viral" Phenomenon for Your Business? Go viral and the power of compounding are essentially the same thing. For businesses, they mean exponential growth. Favr Town · 2023/10/05 That's a tough one...What does a "Go Viral" effect normally involve? Creatives, production, celebrities, influencers, advertising campaigns,... or sheer luck. None of those come cheap or with certainty.Therefore, going viral remains an elusive yet highly prized phenomenon for many businesses.What if there is a more sure path to reach that goal? Better yet, what if the cost is close to zero and the effect is long-lasting?That's what favr.town is designed for - to accomplish the viral effect for a business without breaking the bank.It looks simple and is easy to implement, but the implications are profound for a business. Imagine, after a quick 20-minute setup, including creating your business profile and deciding on the desired actions from your customers and fans to incentivize, you are on the path to accumulate your viral effect. Every month, if 1 out of 10 customers brings in another customer, you could triple your sales in one year. That's the power of compounding, i.e., viral effect.Just to prove the point, the first 100 merchants have free access to favr.town. We can help you set up and share best practices with you if you send us a message. Go ahead, start your viral campaign today. - In favr.town, this post is archived under COMPOUNDING, EXPONENTIAL_GROWTH, GO_VIRAL, SNOWBALL_EFFECT, THE_POWER_OF_COMPOUNDING, THE_VIRAL_EFFECT and TRIPLE_SALES_IN_ONE_YEAR.
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