Without customers, there is no business. Yet, in today’s saturated market, finding effective strategies for customer acquisition looks more and more like an impossible challenge. But not to worry, you are not the only one finding it difficult. Those who manage to get their products in front of their customers find that they can’t be bothered to look while some can’t even find their target audience at all. However, with the help of this, you are about to figure it all out.
So, in this article, we will be discussing several strategies that can help you reach and engage with your target audience. There are many of them and you are sure to find one that works for your business. Are you excited to discover these winning strategies?
What is Customer Acquisition?
Customer acquisition encompasses all the processes of gaining new clients for your business- from the attraction to the conversion and the retainment of these customers. And to realize this to its full potential, you need targeted strategies.
Naturally, an effective customer acquisition process translates to overall growth of the business especially if the business can deliver on its promise. Also, because customer acquisition is unlikely to happen with poor responsibility, once you are able to get and keep your customers, a major part of your problems are already solved.
The strategies involve marketing, advertising, and engagement. All of these will guide you to an understanding of your customers and their lifetime value. And ultimately, they will help you sustain your business.
How Important is Customer Acquisition?
Acquiring customers is crucial to your business for the following reasons:
Competitive Advantage
You are in a race with your competitors and proper customer acquisition channels can be likened to your speed. There are other ways you can have a unique advantage over your competitors. However, by attracting your target audience and converting them into loyal customers, you already have an edge over them.
Revenue Increase
If you have a store full of products but have no one to buy them, you are not going to increase your revenue. So, naturally, your customers are your source of income. After all, there must be a reason why “the customer is always right.” For each customer you get and convert, you increase the financial strength of your business which eventually turns into stability.
Market Expansion
Localizing your business is a good step when you first begin, it is necessary to get your footing. However, after hitting certain milestones, an expansion becomes necessary unless you want to remain stagnant. Employing targeted strategies to acquire customers in different demographics will help you with the process of business expansion. You will widen your reach and avoid depending on a single group.
Product Development
With new customers comes new insight. By listening to your audience, you get an understanding of what they want and this will help you with product development and improvement. And when you give the customers what they want, chances are they’ll come back for more of it.
Brand Awareness
As mentioned earlier, customer acquisition involves marketing. As it happens, you need to put your brand out there and build yourself a positive image to have any success. Therefore, through the process of customer acquisition, you raise awareness for your brand. Even those who don’t need your services will become familiar with your brand and what it has to offer.
Investor Appeal
As an investor, what would you want to see in a business? Wouldn’t you like to see how well their customers trust them and how many of these customers they can acquire? The same applies to your business. An investor wants to see your growth potential and customer acquisition efforts are an important determinant of that.
Business Growth
This is the overall goal of customer acquisition, growing your business. And we have touched it in every other point above. It works like this; you get a customer, you make a sale, you add to your revenue, and your business increases just by that much. So, why have one customer when you can have more?
Strategies for Customer Acquisition
Now, to the how. In the following, you should find a proven successful customer acquisition strategy that can help your business acquire the best customers:
Digital Marketing
Digital marketing encompasses all forms of marketing that you can carry out online to help you acquire customers. Unlike in the earlier days, many of your customers are online, you just need to find them.
Digital marketing strategies involve using platforms like Twitter and Facebook, and methods like SEO and PPC. Here’s one thing you need to know, however. You have to stay on top of your game because if there’s one thing the internet is full of, it’s information. So, make sure your customers notice you.
Content Marketing
Content marketing, at its highest potential, is a customer magnet. Give your audience something they need for free, be it a bit of information, a solution to a problem, or some entertainment. Make sure it’s quality and relevant to both their lives and your business. Use all the tools available to you – blogs, ebooks, and videos. And before you know it, you have gained the trust of your customers and they won’t hesitate to buy what you’re selling.
Email Marketing
Email is often referred to as an old marketing strategy but what matters is that it is still effective to date. Why is that? Because everyone likes a friend that gets in touch and stays in touch. And that’s what your email marketing should look like.
Every email you drop in their inbox should be friendly- infuse it with character, make it personal- and have them looking forward to the next one. Email marketing is one of the best ways to nurture long-lasting relationships with your customers.
Referral Programs
Have you ever had a friend recommend a product to you before? Did you eye them with suspicion or did you go ahead and try it? Most likely, it was the latter. Your business can leverage that- the power of friendships and in the grander scheme, trust. Encourage your satisfied customers to refer their friends and family for a reward. It will help you reduce customer acquisition costs. And what do they have to lose anyway? It’s a win-win situation.
Social Media Advertising
Social media is where everybody is at. Over 5 billion people in the world have access to the internet, what else do you need? Get on platforms like Facebook, Instagram, and LinkedIn, understand how they work, and use them to reel your customers in. Build a brand on these platforms and create engaging content with your audience there.
Influencer Marketing
This is almost like a referral except it’s one person referring a lot of people. Get in contact with a famous personality who has a large following in your niche. For a price, get them to endorse your product online and promote it to their followers. This strategy has to be based on trust, so as not to frustrate your marketing efforts.
Search Engine Optimization (SEO)
SEO is your key to organic traffic so don’t hesitate to go all in. It’s all about getting your page to rank on the first page of Google such that when customers search for what you have on the internet, your website is the first one they see. Use keyword research and always stay up to date with the trends to optimize your page.
Networking
No business can survive in isolation, you need strong relationships with potential partners and customers. Attend webinars, industry events, and conferences. These are likely places to find the people you will eventually need. When you do find such people, never forget to follow up. This way, when you need it, they can provide you with valuable opportunities.
Cold Outreach
Sometimes, you simply have to take the initiative. Reach out to potential customers (even when they have never heard of you) via email, phone calls, or direct messages. Make it personal and gently persist, convince them to listen, and then convince them to stay. It won’t always work out but if your message is compelling enough, you can have quite the success.
Loyalty Programs
How would you feel if you got a reward for having stayed with one of your favorite brands for a while? Ecstatic, maybe. Your existing customers are no different. Customer acquisition cost should include customers’ rewards. So, reward their loyalty by giving discounts, coupons, and exclusive offers. It’s a way of saying thank you and reminding them why they stayed in the first place.
Offline Advertising
Sure, offline advertising is going out of style but has it been rendered completely ineffective? No, the real world is still out there, waiting for you to knock.
It is still okay to use traditional methods like billboards, flyers, and direct mail. This is especially important for local audiences, it will help you build community.
Be a part of the community. Attend their events, sponsor some initiatives and host workshops. This will help you to build trust and a strong presence.
Conclusion
Isn’t the journey of customer acquisition fascinating? We have given you reasons to get right into it and have even supplied several strategies that are sure to convert. Have you found the one that will work for you? So, what are you waiting for?