Does your business have a solid customer acquisition strategy? If not, its high time that you do. Without a strong customer acquisition strategy, growing your business prospects will be nothing less than a long struggle. Over the past decade, the customer acquisition cost has increased by over 50%. With the rising market competition, marketing is becoming more expensive than ever before and customers are becoming more loyal to brands that attract their attention and provide them with the best deals. This means that brands now need to be smarter when formulating their customer acquisition strategy. Here are four proven strategies to get it right.
Identify the Target Customers
One of the most essential steps in building a strategy to acquire customers is to know who your target customers are and where they are located. In order to improve your chances of customer acquisition, you need to be where your target customers are – that is, both the online and offline presence of your customers. Once you’ve figured out the places and locations that your customers tend to frequent, you will be able to develop marketing strategies according to this information. This also reduces your customer acquisition cost as you would not have to spend on platforms or channels that do not yield the desired results.
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Incorporate Video Content
Content marketing is one of the most effective ways for new businesses to reach out to their target customers, and video content takes it one step further. However, it is important to note that the content should not only be interesting but should also provide value to the customers in a significant way. Various social media channels can be leveraged to fuel such efforts and garner greater attention from the user. Also, the customer acquisition cost of reaching out to the target audience through social media also goes easy on the pocket for new businesses that might be going through a cash crunch.
Referrals are one of the most effective customer acquisition strategies that work for new businesses. The challenge here is to figure out a way to encourage your customers to refer to potential new customers. Businesses can offer their current users incentives like discounts or other exciting offers that would prompt them to refer others to their products or services. Companies incentivize new customers by giving them attractive offers to them to purchase the company’s products or avail of the services.
E-mail marketing might look like an outdated customer acquisition strategy. However, email marketing is still a great platform for companies to promote quality content, product information, and discounts, and events. The customer acquisition cost for e-mail marketing is also significantly lesser when compared to several other marketing channels.