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For business growth, it is essential to keep getting new customers. But modern companies, whether startups or established ones, face a challenge here. Acquiring new customers requires a lot of deliberation because of the rising competition. Finding, attracting, and turning them into buyers is not simple. One area which causes the main setback is the acquisition cost. According to marketing moguls, businesses need to spend more than 50% of what they used to do five years back for bringing new users. Such a situation is attributable to a variety of factors, but winning their trust and sentiment is the primary concern. You have to be different and a cut above the rest to gain traction.
While cost can be a barrier, you need to have a robust strategy in place. If you can achieve it, the price will automatically come down with sales figure becoming better. However, before going forward, you need to have complete clarity about customer acquisition.
Understanding customer acquisition
It is a process that enables you to build and streamline customer flow to your business. There are costs involved in every stage. However, the strategy should empower you to manage costs and optimize the techniques for exceptional results. The correct application and execution play a critical role here in making it an integral part of your business. If you hire professional digital marketing services you can get rid of this stress and focus on your core business.
Importance of customer acquisition planning
Creating brand recognition among people can help you reach your goals quickly. Only spending money on the activities will not get you anywhere as it doesn’t help you connect with the user. It can only help you extend your reach to them. You need to include brand narrative in your marketing endeavors to create an impact. Over a period, it can absorb most of your marketing tension and burden by pulling your expenses also down. Driving sales will also become smoother.
Optimizing the cost of acquisition is as crucial as unearthing the ways to find new users. That’s why you need a comprehensive strategy that gives you room for experimentation and scope to measure the costs involved in every activity. It makes handling the marketing budget easy. By tracking the expenses, you can get an insight into those efforts that are yielding favorable results for your business. In this process, you need to track your marketing, sales, brand awareness, and sundry expenses. Don’t ignore whatever you spend to accomplish an activity. Otherwise, you may end up consuming more than the allotted budget amount. For calculating the cost, you need to divide all your expenses by the total number of new customers you acquire.
A customer acquisition strategy sets the path for success. It gives you direction where you need to focus on improving results. Once you achieve your goals, you can replicate it everywhere else also to test and grow your business. Since it is an entire journey in itself, you can identify what is working and what is not, and thereby implement necessary changes.
Effective customer acquisition strategies
One of the esteemed trade associations revealed in its survey that almost 2.4 billion conversations happen around brands in the US every day. Hence, it is quite possible that your existing customers also discuss your brands in their group. However, the question is – how can you take advantage of this? One of the Nielsen studies suggested that 92% of people are more likely to shop an item or service from a brand referred to them by their friends or familiar people because of the trust factor. Hence, launching one such idea can be fruitful for your need.
Voice and video chat
You can see conversions through live voice and video chats also. Although this methodology is not a new phenomenon, you can tap into its potential of being interactive, personal, and engaging. It can also be the right solution for lowering the rate of cart abandonment by 60 to 80%.
Generally, retailers use email messages as a reminder of their services and products to their target audience. However, it can prove to be a tremendous remarketing tool for acquisitions. From analytics, you can track who read your messages and who skipped it. When you obtain the data, you can retarget your efforts on who did not open your email by changing the subject line. Some experts suggested nearly 70% improvement in the opening rate after implementing this strategy. Why it may work is because recipients see different subject matter and hence, without realizing it’s the same mail, they end up reading your message.
Influencer and affiliate marketing
It can be another essential step in your customer acquisition strategy. Onboarding influencers from an early stage can be beneficial. However, make sure whoever you choose is in alignment with your brand values and has a strong engagement base. Don’t just rely on their follower count as it can be misleading. Some people run paid activities to increase their fan base. A large number of profiles or accounts you see there can be fake. Hence, research thoroughly to avoid waste of time and effort. Besides, you can also reach out to bloggers, news agencies, and trusted websites for affiliation. You can offer them a commission for promoting your product or service in their channels through recommendations.
Build a community of users to create a sense of belongingness among them. You can start by putting your content on a relevant social media channel, and then encourage your customers to engage there and share their own experiences through videos. It can quickly help spread brand awareness among people.
Remember that a successful customer acquisition strategy needs to be diverse, flexible, sustainable, and well-targeted. Since it’s an intensive program, you may want to outsource this project to an experienced digital agency. In Florida, you can easily find a professional online marketing services provider. So, there is nothing to bother. Just make sure the person is patient and smart in understanding your goals.