Table Of Contents
- What Are Customer Acquisition Strategies?
- What is the process for Customer Acquisition Strategies?
- Figuring out your Target Audience.
- Content Marketing
- Niche-oriented advertising for attracting potential customers
- Developing Partnerships
- Creating a Lead Generating Website
- Utilizing Proper Acquisition Channels
- Do Giveaways and Promotions for your brand:
- Showcasing Customer Testimonials
- Improving the Website and Email Engagements
- Keeping track of Your Competitors
What Are Customer Acquisition Strategies?
Customer acquisition Strategies refer to the method used for acquiring new customers to your business or brand. Although it might sound easy from its technical definition but in reality, it needs tons of know-how along with experts for optimising the entirety of the process. Customer acquisition is also known as client acquisition, which is an important initiative for any company because without attracting new customers, the company will be forgotten over time.
Businesses utilise Customer Acquisition Strategies for understanding customer valuation methods by calculating the amount of money spent by the company to acquire new clients. If a business spends less capital in marketing but still acquires tons of new customers, it will yield higher profit margins for that business.
Companies heavily rely on this mechanism to develop better marketing strategies that help improve profit margins. Brands look to implement marketing that involves customer acquisition which helps them gain new audiences and maybe turn into potential customers using better lead generation tricks, that also includes crafting strategies and even monitoring the outcomes which will lead to increased client-base also being cost-efficient.
Even though every company and customer acquisition strategy differs since it depends on the niche, location, goals and budget, here are a few foundations your company has to consider while making strategies:
- Scope of Discovery.
- Consideration of other factors such as niche, budget and geological factors.
- Conversion of the audience into potential clients.
What is the process for Customer Acquisition Strategies?
The process involves the acquisition of new customers, which is called Customer Acquisition. Your company has to pre-define its niche, goals and design every step of the procedure. And it starts with creating a road map for the entire process that helps streamline it completely.
Your company has to constantly monitor a few specific parts in the road map that includes having an entire SWOT analysis done, as it is immensely helpful for any company or brand., Here are a few steps you need to do as soon as possible:
Step 1: Identifying your potential audiences.
Step 2: Defining your company’s strategies & designing a layout accordingly.
Step 3: Launching, Measuring & optimising the SWOT to your brand.
Now that you are familiar with the basic concept of Customer Acquisition and why your brand needs to focus on this topic, we are gonna discuss some strategies you can look to implement for better customer acquisition. Here we go:
Figuring out your Target Audience.
The foundational step is to find out the identity of your brand for gaining a potential audience. Your brand should look towards catering for a certain demographic audience. Basic lead generation and customer surveys will help focus your efforts on customer acquisition.
But not having a clear target audience for the company means you are engaging with a limited marketing database and resources for the brand effectively. Because there are only limited companies that cater towards universal solutions of customers, at least during their initial phase.
Thus your company should look at market research and figure out audiences and marketing strategies for your product to gain new customers. For example, some SaaS companies offer a free trial to their services with any mandatory billing system, this helps to gain potential customers since they have in-depth knowledge of the services. Market research should be of absolute necessity for your business as it develops the foundation that makes complex marketing research possible and efficient.
The founding factor of advertising is the content Your brand should publish blog posts on social media, videos on platforms like YouTube, emails, ebooks etc. will help promote your brand further. According to research, it is 3x more effective than traditional marketing media.
Publishing content consistently and providing updates on the new product will help keep the business relevant and showcase results that indicate organic audience engagement, as this acts as a boon since the marketing world is filled with false advertising and distrust among the consumer base.
Niche-oriented advertising for attracting potential customers
Defining and redefining your target audience down to its finer details is crucial, If your company isn’t generating impressions or acquiring a new customer base according to your goals or maybe your audiences aren’t your potential customers. You need to create a survey form or ask questions such as location impact. How old are they? Source of Income — income range sorting? These are the few common questions that will provide information regarding potential audiences.
You need to also look to engage with your previous customers as this falls under customer retention, and not acquisition, but it is still important. You have to keep checking on previous contacts using email marketing or social media post engagement methods.
Re-acquiring your old or forgotten customers as brand new customers can also be labelled as customer acquisition, as in order to pursue them back you need to dig through those old lead generation logs and figure out their transaction history and approach with a new improvised marketing plan.
Even though the market is competitive, it is important to remember not everyone is your competitor. There are possibilities of several businesses/brands who work will complement your brand and the niche as well, since they might cater to similar audience bases. A great example of such cases is the SaaS companies and their integrations.
These Integrations allow the applications to communicate efficiently with one another as the databases for these conversations constantly take place back and forth. If there wasn’t such a method collecting and sharing databases would be difficult since it would ultimately lead to loss of lead generation and your company could potentially be incurring a loss in the income generation column as a result.
Creating a Lead Generating Website
Okay, you have an established website but needs to generate leads and those acquisition needs to be converted into potential customers. Therefore you need a consistent post-click mechanism landing page that helps capture contact details and also create an emailing list. Your landing page must be connected to your business social media and other platforms.
Since the average human attention span is now down to five seconds, standing out by integrating the post-click landing page mechanism is really an influential move. Other things to keep in mind are having eye catchy headlines, useful feedback forms, beautiful CTA buttons should also be other places you need to focus on.
Utilizing Proper Acquisition Channels
Okay, you have successfully tackled all the above-mentioned strategies but it isn’t enough for your brand. As it’s equally mandatory to be aware of the right channel or medium that is being used to acquire potential customers for the company. In this digital generation, tons of frameworks will help your brand identify the channel for undergoing customer acquisition strategies but the entire process is pretty hectic since it involves a lot of experimenting to figure out the best possible channel for your business.
But things aren’t as complex since you already have clear niche-oriented goals for your marketing campaign. Since this method involves a trial and error mechanism you have to constantly change your goals and expectations since you are performing on different channels, you have to compare individual successes which have to be relative to one another.
Do Giveaways and Promotions for your brand:
Articles showcase that tons of promotional campaigns also inspire the ideology of sharing. The idea is to create an environment where the audience is well acquainted with the product since they are getting a first-hand experience of using it thus it increases brand loyalty. Therefore if your brand provides some other offers in the future, audiences are more likely to redeem the offer which also lead to product endorsement and appraisal.
In today’s competitive market customers demand much more than promises to pursue them for buying your products or services. Therefore the method of customer acquisition is to run a marketing campaign for giveaway consent on social media platforms. Offering audiences the chance to try out the products is an optimal way to motivate them to seriously consider your brand or company as an option for that specific product.
Showcasing Customer Testimonials
Highlighting already received customer feedback on your website will help gain new customers. Authentic proof of positive experience from existing customers will act as testimonials in return. Testimonials can be categorised into a short quote or review, a detailed case study and even an interview. This acts as a guarantee of quality services being delivered, which increase brand loyalty.
Improving the Website and Email Engagements
While you are handling other strategies it is also important to optimise your brand or companies website’s landing pages. As landing pages help bridge your business, product or service directly to your audiences and potential consumers. The landing page should not only offer certain valuable information regarding the brand but must have an enthralling call-to-action feature that helps facilitate conversions with your customers.
Another action to check is running an A/B test that helps to optimise and improve the website drastically, since knowing the expectation of your customers is vital. The brand has to anticipate its customer’s wants and supply those efficiently. There are tons of SaaS apps that allow you to develop and deploy landing pages with pre-built templates and easy to use drag-and-drop page builders. It also has features that allow you to integrate sticky bars or popups which help you convert page audiences into customers easily.
Keeping track of Your Competitors
Monitoring competitors’ marketing strategies, traffic derivation, web designing, social media presence on their products will help your brand with knowledge advantage. As you can study these movements for gaining a new audience you are in an optimal position to capitalise on any given opportunities.
What is R.O.I and how is it calculated?
R.O.I stands for Return on Investment, as it refers to a method used to evaluate the profitability of the investment. It is calculated using :
Return on Investment = Net Profit / Cost of the investment * 100
Define C.A.C. or Customer Acquisition Cost
Every year the Customer Acquisition Strategies costs increase as the procedure becomes complex with every passing year since it now involves balancing online as well the offline methods. The company should not ignore the offline acquisition strategies, even though in this digital world a lot of companies only focus on the online methods as it has chances to attract larger audiences in a cost-efficient manner.
How to Calculate CAC (Customer Acquisition Cost)?
Since you have an understanding of Customer Acquisition Strategies Costs, now let’s discuss the formula that will help calculate your company CAC.
C.A.C. = Marketing cost + Sales cost / Customers acquired
The Customer Acquisition Strategies Costs of the marketing period is calculated by dividing the total sum of marketing along with sales costs by the total number of customers acquired during that period.
How can you develop a Customer Acquisition Strategies for your business?
You can make a Customer Acquisition Strategies easily, as here are the few basic steps you need to do at your foundation level:
A. Define your business goals.
B. Choose a preferable customer acquisition method for your company
C. Consider developing eccentric strategies for every channel.
D. Improving communication with audiences.
E. Always evaluate and improve your marketing strategy.
What is SWOT analysis?
SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. This analysis is a business framework that is used to evaluate the company’s position in the market along with developing a strategic plan for acquiring more customers. SWOT analysis is realistic since it is a fact-based, database-driven analysis of the strengths and weaknesses of that organisation.
The organisation is advised at providing an accurate analysis by eliminating preconceived beliefs or any kind of grey areas as they should be focusing only on real-life happenings. Although businesses should use the SWOT analysis more like a guide and not as a rule book.