A Complete Guide to Customer Acquisition in 2020
Customer acquisition is a must for any business as it's needed to prevent stagnation and regression in business, it's the process of attracting and converting new customers to your company.
In simple words the main goal of customer acquisition is to find good-fit prospects a) buy from you and b) stay with you and/or buy again. If your business is not acquiring new customers, it means you are struggling to improve and succeed, whereas active customer acquisition leads to significant growth for your business and allow you to scale more effectively.
No Customer = No Business
Have you ever questioned yourself that are you ready for more customers? What's your promotion strategy? Is your team set up to handle an influx of users? Okay, now lets talk in detail about customer acquisition and how to create a profitable strategy.
How to develop a customer acquisition strategy
Customer acquisition can be very time-consuming as you have to leverage your existing network and build a relationship map, but with the right strategy, analytics, and optimization tactics getting new users can be much easier. It often involves inbound and outbound marketing to reach a new audience, the key stages of customer acquisition funnel are awareness, consideration, conversion, and retention.
Get to know your customers: The very first step of the customer acquisition strategy is to fully understand your target audience and without understanding who you're selling to your sales tactics won't work well. You must understand who your customers are, what problems they have, where they look for solutions, and how your services or products fit in and developing buyer personas for them makes your marketing spend efficient.
Tips to know your customers
Know what social media platforms your customers use, figure out the offline presence, and indulge yourself in referral programs.
Calculate customer acquisition cost: Before beginning the onboarding process, one must always estimate their cost to acquire customers(CAC) to ensure you are not spending more than needed. CAC is commonly defined as the cost of all of your sales and marketing expenses over a given period of time divided by the number of customers acquired, the final number will tell you the average cost to acquire a single customer.
Choose your marketing channels and strategies: B2B Sales is significantly different than B2C sales and to be efficient and effective in your marketing you'll need to find a mix of channels that work for you both paid and organic. Let's take a look into the customer acquisition channels and strategies
Pay-per-click(PPC) ad campaigns allow you to reach large audiences very quickly, it shows your ad to certain individuals through display ads and search ads for which you will pay for specific actions. This is great for retargeting, capturing high-intent users who are looking for services and products like yours and who can be in the consideration stage of the sales funnel.
Content Marketing is a core part of the brand's SEO strategy and an excellent way to build your sales pipeline as it utilizes the likes of articles, guides, graphics, videos, and much more to attract new users, leads, and potential customers.
Search Engine Optimization can be tricky but its a very good practice of optimizing your web presence and your site for search engines. You need to be visible and prominent in the SERPs when people search for a product or service related to your industry or your offerings as this can directly impact your bottom line.
Email Marketing can be an effective way to connect with your target audience regularly with relevant messages and with the right software, Email Marketing can be simple to scale. Targeted email blasts using automotive software based on specific workflows can have excellent ROI. Social Media Marketing is one of the most cost-effective ways to build brand awareness and an easier way to connect with your target audience and nurture relationships with them.
Leverage Automation: One of the great ways to acquire customers is through follow-up emails, abandoned cart emails, and targeted email campaigns but doing it manually can be time-consuming. It's advisable to leverage automation, as it helps you to create well-thought-out workflows and templates and CRM software can help automate and scale these workflows.
Assess and Iterate: To master customer acquisition and keep costs down, keep track of all the channels and analyze where your customers are coming from and use the data to figure out what works and what doesn't, but not all the businesses understand the importance of customer acquisition and track their costs or the effectiveness of their methods. Implement A/B testing as it controls all the variables and lets you figure out which approaches work better.
To conclude, consistency, strategy, and measurement is key to the customer
acquisition and growth of your company.