Customer acquisition is crucial for all businesses. Its effective implementation will enable companies to gain new consumers or clients, which is important in sustaining a business. As such, the strategy for customer acquisition must be optimized.
Customer acquisition refers to the whole process of securing new consumers or clients. It covers all aspects in the sales funnel. Hence, all efforts in building customer awareness, growing customer consideration, and finally converting to actual sales are accounted as customer acquisition activities.
If customer acquisition is done effectively, there will be a continuous stream of new consumers and clients. This is fundamental for a business as sales transactions result in revenue that is needed in further growing the business. Moreover, earnings serve as proof of accountability to investors; that their investments will bear potential and profitable fruit.
Optimal Strategy for Customer Acquisition
Strategy for customer acquisition must be formulated optimally. There are two important steps in planning the strategy. First is to execute acquisition marketing. Then secondly is to determine the most efficient and effective acquisition channels.
Acquisition Marketing
This is the implementation of a specific strategy in marketing efforts for products or services to new consumers or clients. Acquisition marketing is similar to standard marketing, but different in its particular targeting towards parties already familiar with the products or services. Through acquisition marketing, potential consumers are expected to convert into actual consumers or clients. Various tactics may be done to achieve this, and here is where different strategies may be planned to meet the target.
An important note is the necessity of collaboration between the marketing and sales teams in executing acquisition marketing. The marketing team will design and prepare all marketing materials. Meanwhile the sales or customer service team will persuade current customers to voluntarily promote their products or services.
Optimal cooperation between the two teams is vital in bringing in new consumers or clients. Potential consumers may not always believe the contents of marketing material. Hence, they will need recommendations from parties they deem more credible, such as previous or current customers. If the customer service team is able to provide their best services, then customers will be satisfied with their purchase experience. Ultimately, these customers can recommend the company’s product or service to other parties, including potential customers.
Acquisition Channel
To implement the strategy that has been formulated, channels for customer acquisition need to be determined. These channels are decided based on the nature of the business field and its particular needs. Below are some acquisition channels to consider:
- Content marketing
- Blogging
- Video
- Social media
- Search marketing
- Email marketing
Key Principles in Customer Acquisition Strategy
Whatever strategy and whichever channel for customer acquisition that a business decides on, there are four key principles to adhere to. These principles are essential in ensuring the success of customer acquisition. Below are those four key principles:
1. Sustainable
Strategy for customer acquisition has to be sustainable regardless of time period. The formulated plan should be continuously actionable. Take an example of blogging as a customer acquisition channel. The business needs to ensure that it has the resources to maintain its blog for an extended period of time — as a blog that is discontinued would not reflect well on the company.
2. Flexible
Real-time conditions in the market always rapidly shift. This demands flexibility from the customer acquisition strategy. If one strategy is deemed no longer relevant as a consequence of shifting consumer preferences, a business needs to be ready and swiftly adapt.
3. Focus on Target Customers
A customer acquisition strategy is specifically targeted towards potential customers who are already familiar with the products or services of a business. Therefore, optimal screening of potential customers needs to be ensured. Customer acquisition will be most effective on targeted customers. Hence, a business should focus on parties that fit the target profile.
4. Variety
In executing customer acquisition, variation in strategy is allowed. To some extent, it is even encouraged. Different strategies and channels hold potential for different customers. This may be leveraged to amass more new consumers or clients. Additionally, alternative strategies and channels may compensate for failings in one particular strategy. There is a chance these alternative strategies may acquire new customers that are needed to achieve a previously determined target.
Customer acquisition is fundamental in bringing in new consumers or clients. Designing the most optimal strategy of customer acquisition is needed to keep growing a business.
