Your business can’t make money without customers! That’s why customer acquisition is the lifeblood of many organizations.
If your business is struggling to grow and prosper, you may find benefits in looking into some of the methodologies and systems that have been developed over the years. These practices will help you to gain new customers because after all, without customers you don’t have a business!
There are many tools, methods and systems that you can use to help gain new customers for your business. This group of methods used in your marketing strategy is known as customer acquisition.
What is customer acquisition?
Quite simply ‘customer acquisition’ is the term that describes the methods used to gain new customers. It sounds simple enough, but doing it well can be extremely difficult. These processes involve persuading general consumers to purchase your products or services.
Gaining customers is a costly endeavor. In fact, it costs five times more to acquire a new customer than it does to retain a current one. Armed with that knowledge you now know the major pitfall of acquisition and you know that you need your campaign to be as effective as possible.
There are hundreds of different ways to acquire new customers. The best methods can be tracked and others can’t. The primary aim of a successful acquisition strategy is to do the least amount of work, and spend the least amount of money to get as many customers as possible through your doors.
More customers! That’s the primary benefit of implementing acquisition strategies into your plan.
Customer acquisition is a great place for new companies or those with less established products to focus. Using these strategies appropriately helps companies to grow, and targeted efforts help companies to acquire the right kind of customers in a cost effective way.
The process of customer acquisition
Customer acquisition requires a lot of forward planning and strategic thinking. As Pathwwway Panama stated earlier in the article, there are many different methods that can be used as part of the process.
And yes, it’s very true that some of these methods are far more effective with specific types of clients than others. But, in any acquisition plan there are a few basic steps that must be included in any type of strategy.
Step 1 – The first step of your basic customer acquisition plan is to identify a list of potential customers. It’s important that these prospects are of high quality as it will make your next efforts more effective.
You can reach out to potential customers through professional call centers and mailing lists. These personal methods allow you to determine which individuals and businesses express interest in or are already using products similar to yours. Putting in extra time at the beginning of this process will ensure that your campaign will be more cost-effective.
Step 2 – The next stage is to qualify each of the leads a little further using various research tools to explore and identify the viability of the lead. If your research indicates to you that the chances of acquiring this lead as a new customer are high, his status is upgraded to ‘prospect’. From there the prospect is assigned to a salesperson for further interaction.
Step 3 – Not always classed as acquisition, many businesses include the process of establishing a relationship with prospects into their customer acquisition workflow.
Your sales team contact and develop relationships with prospects to identify their needs and determine how your products or services relate to the prospect.
Your team will also attempt to decipher unstated needs. Salespeople do this by looking into the data gathered from ongoing conversations and interactions.
Another aspect of this part of the process is to identify other needs of your prospects in order to offer additional products. This allows prospects to see a greater value from purchasing from you.
Smart business owners who’ve had major success in expanding their customer base know that you need to approach the acquisition process with a solid plan. Your plan should focus on building a foundation with prospects by developing relationships. Here are three tips to help your team.
1. Build Engagement
First-time visitors to your store or website will rarely buy your products. It’s a known fact that people buy from brands they know and trust. In order to make a sale, prospective customers need to be fully engaged with your brand.
To engage and attract more customers you need to build quality relationships with them. Many studies have proven that the majority of buying experiences are based on how the customer feels they are being treated.
So to gain new customers, you should:
- know your ideal customers’ problems and share this information with your sales team
- Invite your customers for an informal chat about your products, their wants and needs and demographic data. From this information your marketing team will be able to develop accurate buyer personas to assist the marketing efforts.
- Think of ways to connect your company values with your consumers.
2. Monitor Spending
We all know that acquiring new customers has the potential to cost a fortune, but it doesn’t necessarily have to.
A big part of many successful Pathwwway Panama acquisition campaigns is the learning curve of monitoring your spending. If you have no idea where to start, you can find many helpful resources to teach you how to calculate acquisition costs.
Remember to experiment with different acquisition channels. Then most importantly analyze the results alongside the costs so you can decide which are the most effective methods for your business.
3. Develop Partnerships
In the connected world businesses no longer thrive in isolation. It’s vital that all kinds of businesses, especially eCommerce build partnerships with other organisations that help to create and maintain a sustainable business model.
When you partner with other brands your business can be showcased to new audiences which you may not be able to reach alone. Through these strategic alliances your business can reach more people with a smaller workload.
Your company can also increase market share, gain additional financial and human resources through partnering with another business as part of a customer acquisition strategy.