What is Customer Acquisition?
Customer acquisition is a process to bring new customers down the marketing funnel from brand awareness to purchase decision. It encompasses the entire journey of a buyer, from the time they become a lead until they become a loyal customer. Businesses need to track and measure their customer acquisition efforts to stay ahead of their competitors. Businesses can do so by using metrics such as conversion rate, customer acquisition rate, rate of new customer acquisition and rate of visits to specific product pages. Keeping track of customer acquisition efforts can further help companies to understand the customer’s journey and identify how different touchpoints are impacting the customer’s purchase behavior. As a result, businesses can determine and capitalize on the right opportunities to improve profitability.
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Four Pillars of a Robust Customer Acquisition Strategy
Pillar #1: Sustainability
Sustainability is very important for a acquisition strategy to be effective. Sustainable customer acquisition strategy can help establish your thought-leadership. Also, it can help businesses to succeed in the long-run and have an edge over the competitors.
Pillar #2: Flexibility
Today’s customers are digitally empowered and that is why their response to any brand changes frequently. Therefore, the acquisition strategy should be flexible to respond to market trends effectively and efficiently. Also, flexible customer acquisition strategy can help in offering better customer experience, improving brand image and driving customer loyalty.
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Pillar #3: Targeted Marketing
If your acquisition strategy doesn’t focus on targeting the right people, it can result in wastage of resources. Therefore, before investing in acquisition efforts, it is important to define who you’re targeting. A targeted customer acquisition strategy requires taking a step back and figuring out what’s best for your business and audience. This can further help in weeding out any unnecessary or wasted acquisition efforts and can channelize your investment in a way to derive a positive outcome.
Pillar #4: Diversification
Diversifying your acquisition strategy and using various acquisition methods can help you reach new audiences and generating new leads. Also, diversifying your customer acquisition strategy helps in striking the balance between risk and reward. This means if one channel begins to fail, it’s easier to reallocate funds to better-performing methods.
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