Everyone likes to believe technology is here to replace all that we’ve ever come to know, value and appreciate. However, the customer acquisition process will continue to baffle intelligent minds, eluding the most educated experts all over the world.
Intricate and complex, the formula to take customer acquisition to new heights might just be the most important recipe you need to own this year. By reading this expanded customer acquisition article, you’ll get to kickstart a thorough Journey of Transformation, using creative technology to get the kind of customers that make brands become household names.
Moreover, you’ll get inside access to what ALTA Digital regards as one of the most successful customer acquisition strategies of our day and age.
What is Customer Acquisition?
Customer acquisition is actually the known process of allowing your business to get new clients.
The end goal? To be able to effectively come up with a systematic process that ensures you get that elusive opportunity everyone’s vying for: the chance to ignite a sustainable acquisition strategy that can be shaped and changed by different fads and industry trends.
Who should dive into customer acquisition strategies? Every single business leader alive today.
Whether your company is only but a fledgling startup or you happen to be a mogul already, you must always become able to supercharge customer acquisition to get more clients, gain new opportunities for incredibly profitable customer retention, and continually grow your business.
What are the stages involved in the customer acquisition process?
There are three important customer acquisition steps you must become aware of:
Awareness has to do with how your prospective customers become knowledgeable of the fact that your brand is out there. This process is all about taking full control and powering-up successful brand awareness techniques that can use social media, content marketing, email marketing, print media, radio, brand activations, or even physical events and happenings to ensure your brand is out there.
Once you get that name and logo out there, you’ll be playing the awareness game.
Then, comes consideration. The prospective customer notices your brand. They’re interested in learning more about your specific products and the inspired array of different services. They’re in.
Now, what? They’re considering whether or not to get to the next level: click a CTA, schedule a meeting, add your service to their consideration sheet, etc.
Last but not least, the consumer decides they’re prepared. They’re all in, ready to effectively click the right link, make a purchase, and become a customer.
That’s it: three little steps that can make an unknown customer become a full-blown consumer, ready to yearn for new products, become a loyal follower and help you turn hopeful leads into sustained acquired customers.
The End Game of Customer Acquisition
Attracting, converting, closing and becoming able to deliver a delightful experience every single time. That’s it. If you manage to create a funnel that gets that done, customer acquisition power will be yours forever.
Your customer acquisition strategy will have to encompass all the different steps that you need to go through to actually bring customers to the very final stage of making a purchase. This means that the consumer will get to deal with diverse touchpoints - you’ll then need to be able to nurture leads in order to take the relationship to the next level.
Taking client behavior into account, you’ll be able to understand how folks interact with your website, use your social media accounts, and connect with your landing page. This entire process will eventually help you reach the customer acquisition Promised Land.
At ALTA Digital, we use tools such as Google Analytics, Google Optimize, Optimizely and Unbounce to craft highly-convertible pages and ignite a super-successful conversion funnel that reaps rewards every single time.
Customer Acquisition Stats
Need to see some stats that can show how important it is for you to nail customer acquisition strategies from the get-go?
Here are the customer acquisition stats you need to pay attention to:
- In the United States, companies lose $136.8 billion per year due to consumers switching product providers
- When dealing with one single instance of rotten customer service, 33% of clients consider switching providers
- Increasing customer retention by a meager 5% can increase your revenue by 25%
- 63% of marketing pros state that customer acquisition is their most important advertising objective
- At a global scale, each lost customer costs about $243
Now that you know what are the stages that define this impeccable strategy and have also become acquainted with some mighty powerful stats regarding customer acquisition and retention, it’s time for you to get inside access to the 4 actionable steps that will allow you to master customer acquisition.
4 Foolproof Steps to Master Customer Acquisition
1. Target Audience Bonanza
This is where the game starts.
Defining your target audience allows you to:
- Develop concrete marketing communication strategies
- Direct resources to a specific set of interested buyers
- Be more focused, more effective, and able to get a higher ROI
- Avoid wasting resources, getting your ads shown to the right set of people
How to go about defining a target audience? Think about what is the specific niche your product caters to.
Once you define that niche, you’ll be able to:
- Target specific social media channels and groups
- Create ads that resonate with folks who belong to a specific age group, religion, demographics, etc.
- Perform thorough marketing research to understand how you can effectively market your product to those interested prospective customers
In order to define a target market, you should look at your current customer base, check the competition out, analyze your service or product, pick specific target demographics to take targeted ads to new heights, evaluate each and every marketing decision, and eventually get some new resources you might need to keep the ball rolling.
2. Make Use of the Best Channels
Now that you’ve defined who your product can help out, you need to use the very best marketing channels.
How can you know what is the right channel? You go for this age-old method: try and test.
Only through experimenting with and testing different marketing channels will you become able to know which channel better helps you connect with your customer pool. It may be that your target audience love Facebook, or enjoy getting personalized emails, or are huge fans of video content that shows up on their feed and teaches them how to perform a certain task, etc.
Whatever method, you have to try and test, coming up with conclusions based on verifiable data.
How can you make your life easier in this process? Make sure to set goals for your campaign. By having goals, you’ll become better able to see whether or not your marketing tactics are yielding results.
Once you’ve been through the gamut and tested all the channels, you’ll be able to use that pithy data to check, evaluate and compare results.
Is there a list of marketing tricks you can make use of?
Here are some of the marketing types you can test and try today:
- Email Marketing
- Display Advertising
- Social Media Marketing
- Content Marketing
- Affiliate Marketing
- Online Public Relations
- Digital Banners
- Film Product Placement
- In-Game Ads
- Influencer Outreach
- Local Search Marketing
- Referral Marketing
- Mobile Advertising
- Paid Reviews
3. Referrals Matter
Why is referral marketing such an amazing staple of our day and age? Data.
Here are the referral marketing stats you need today:
- 84% of customers trust product recommendations from friends, family or colleagues
- 92% of clients effectively trust referrals from folks they know
- 71% of consumers are much more likely to purchase a product based solely on social media referrals
Referral programs can actually become the full-blown basis for customer acquisition.
You can go ahead and offer current product users incentives such as extra features and even appealing discounts to galvanize them to promote your product using word-of-mouth marketing power.
Moreover, you can also make use of your already-faithful followers. Indeed, you can offer discounts which are contingent upon them bringing new customers to the forefront.
Remember: referral marketing works because it brings about inherent trust. Indeed, most people think about whether or not they actually trust a specific business before considering buying a product.
Let’s say that the company which is selling the product has been recommended by a friend, family member or colleague. Immediately, something happens on a psychological level. In fact, the prospective customer feels reassured, ready to purchase the product.
Whereas in the past these recommendations were made through word-of-mouth, they now tend to happen on a wealth of social media platforms.
In groups, forums, and one-to-one messaging, people live their lives through recommendations. They choose the next watering hole they’ll visit, the next store they’ll check out, and the type of bath salts they buy based solely on recommendations.
That’s how powerful this is. That’s why referral marketing gets to deliver higher value than your standard partner and marketing funnels.
Dive into referrals as soon as possible.
Why? Because, by providing an excellent service that makes people love your product, you’ll not only be creating customers: you’ll be creating brand champions who will follow through, spread the word, refer to their own network, and ensure qualified leads become new clients.
4. Eternal Diversification
Everyone knows that variety really is the ultimate spice of human-maintained life.
But what does that have to do with this specific topic? Everything.
You must always be able to effectively diversify your customer acquisition strategy. In fact, you have to go for several acquisition methods, becoming able to bask in the fact that you can then generate more leads and reach out to a whole new audience.
What to do? Combine different strategies.
You can go for SEO, video, content marketing, email marketing, blog writing, ebooks, guides, white papers, case studies, social media marketing, search marketing, and many others to fully inspire prospective customers to choose your product over anyone else’s.
This will allow you to come up with a true balance between reward and risk. This means that - in case one of your customer acquisition channels starts to fail - you can easily invest in a more suitable and high-performing technique.
The Customer Acquisition Strategy Lives
From diversifying your game to investing in impeccable word-of-mouth marketing, from getting the target audience right to utilizing the most profitable marketing channels available today, customer acquisition strategies allow you to get customers who will definitely fall in love with your brand.
By investing in these strategies, you’ll see your business soar, standing on the shoulders of the clients who guarantee sales, open up new opportunities for success, and generate everlasting brand awareness.
ALTA is a big fan of conversion funnel analysis and customer acquisition since we believe these two notions should become a hugely important priority for companies all over the world.
What about you?
What methods have you tried to put into place to craft a winning customer acquisition strategy?
Share your experience in the comment section below!