Competition has increased so much in present times that it has become so hard for businesses to acquire new customers. This customer acquisition has become a tough task for many business owners. In this article, I am going to take you through a guide to customer acquisition.
Let’s jump right in
What is Customer Acquisition?
Customer acquisition is your business’ methods of getting new clients. The objective of each business is to make methods that make acquiring new customers basic and organized. Tragically, numerous new businesses struggle fostering a process for getting new customers.
A significant piece of the riddle is a business’ capacity to measure its customer acquisition cost. In the digital marketing domain, this is frequently alluded to as “CPA” or “cost-per-acquisition.”
What is objective of Customer acquisition?
The objective for customer securing is obvious. Without a client, you don’t have a business. Without predictable clients, you don’t have a steady business.
A little admonition here is businesses ought to likewise focus on customer retention, which is not quite the same as acquisition. Retention is your work to keep the customers you as of now have instead of going through the endless loop of continually expecting to get new ones. Expanding your retention by just five percent can build your benefits by as much as 95%.
When you join customer acquisition and retention, you have a definite formula for progress. Here’s the reason:
- It assists you with bringing in the cash you need to take care of expenses and pay employees, permitting you to reinvest in the business and drive better outcomes for your customers.
- It shows consistent development and accomplishment to partners, investors, and outside influencers.
Having the option to ceaselessly drive new business towards your company keeps everybody glad, but it’s not the ultimate goal. The objective is to hold the customers you have as long as you can. In spite of the fact that it costs money to gain new ones, it doesn’t cost anything to keep them.
Steps to create a Customer Acquisition Plan
Now let’s take a look at some steps that you need to follow to create a Customer Acquisition plan
1. Identify your customer persona
The first step for every business is to identify and create your customer’s persona. This is your ideal or target customer- who they are, what they want, what are their problems, their demographics etc. It is very important for every business to know who their target customer is as early as possible. Because once you find out who your target customers are, it will be easier for you to acquire them as your ad copy, images, texts, and products will speak their language.
2. Decide goals
Once you have your customer persona, note down some of your goals and objectives. What are you trying to accomplish with your marketing efforts? For instance, Are you trying to spread awareness on a cause, throw light on something, or make yourself recognizable to a specific audience?, or are you trying to convert your traffic into phone inquiry? Or are you trying to convert your leads into sale? No matter what the goal is, you need to have one. When you have a clear goal in your mind, the easier it will be to convey your message properly and get your audience do what you want them to do.
3. Select a platform
Now that you are clear about your audience and your goal with them, you need to select a platform in order to reach them. There are various customer acquisition mediums some of which are
- Social media- undoubtedly, social media is the best place to acquire new customers and increase your brand presence. You can use paid ads, slowly build up audience organically, posting regularly, and start communicating with audience.
- Content Marketing- Content marketing is the best long-term method to develop customer relationships and drive traffic to whatever you are trying to accomplish. You need to publish quality content and focus on the SEO of the content as well because then only people will be able to find your content.
- Paid advertising- Paid advertisement is a great way to put your brand in front of the audience whether through Pay-Per-Click ads or social media advertising etc.
4. Set budget
If you plan to have success, you need a certain budget and customer acquisition cost formula. If you don’t set a budget in place ahead of time then your marketing efforts can quickly run more expensive than you expected. It is better to start with a smaller budget and then gradually move your way up as you get success.
5. Optimize and change
Whenever you’ve gotten an opportunity to gather information on how people are receiving your advertisements, pieces of content, and so on, you can optimize enhance and change as necessary. For instance, if you track down that a particular segment is converting the best on social media advertisement, you should allot more promotion spend to those people and remove some from the people who aren’t converting.
Wrapping it up
There are various methods to approach customer acquisition strategy, and while the final destination of most of them is same, there is no one-size-fits-all solution. It is crucial to figure out which method works the best for your business and how you can implement it consistently. Most important part is to understand your customers and their goals.
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