Every brand, regardless of its size, must find new customers. In addition to boosting performance and revenue, expanding your customer base will also foster loyalty and brand awareness. This is why you need a strategy for bringing in new clients. However, it may not be as easy as it sounds given that customer acquisition costs have increased by 50% over the years.
Most businesses don’t have a clearly defined customer acquisition strategy. It is easy to continue doing whatever seems to be working; however, this often leads you to invest too little in lucrative channels or, on the contrary, to miss out on channels where your customers are hanging out.
A customer acquisition strategy is a process by which an organization obtains new clients to add to its client list. Customer acquisition tactics incorporate a wide variety of strategies. It is crucial to develop a strategy for acquiring new customers, retaining current ones, and growing the profitability of the company.
In this article, we’ll help you define the customer acquisition funnel, generate demand using different customer acquisition strategies, and track and convert leads into paying customers.
Customer Acquisition Funnel
The customer acquisition funnel represents different phases of the entire acquisition process visually. It is necessary for prospects to pass through an acquisition funnel before they can become customers who generate revenue. Following are the different steps in this process:
- Top of the funnel – “Awareness”: The primary aim is to create brand awareness and relevant leads among the target audience at this stage.
- Middle of the funnel – “Consideration”: Potential buyers have most likely already taken some steps indicating they are considering buying. Following and interacting on social media sites and email subscriptions are a few of the examples that indicate interest.
- Bottom of the funnel – “Purchase”: After completing all the previous stages of the funnel, the prospect is now ready to buy. Prior to making a decision to buy, customers are more likely to have performed an “intent to buy” action, such as adding a product to their shopping cart, asking about prices, etc.
Customer Acquisition Strategies
In order to increase the likelihood of your products being seen by more potential customers, you should take into account the following customer acquisition strategies.
The use of email marketing has been proven to be among the most effective methods. It can help generate huge revenue and keep customers informed.
You can also get valuable information about your customers by using email marketing. Reports and analytics provided by email marketing software can tell you a great deal about your subscribers’ interests. Email marketing is an effective and conventional method of gathering this information.
In the right hands, organic social media strategies can help with consumer acquisition. This can be a powerful tool for attracting customers or enhancing brand recognition, along with educating your followers about your business and keeping them engaged.
With content marketing, you can achieve several objectives at the same time. These objectives include getting noticed when your prospective customers search for related information and demonstrating your expertise. All this while building trust and credibility, creating brand awareness, and consolidating your position as a credible source of information.
The dissemination of useful information can be done via social media posts, blogs, webpages, newsletters, videos, emails, white papers, and more. Blogging is an effective marketing strategy for various reasons. For example, it facilitates communication between a brand and its customers and helps you promote your expertise by creating videos that are more engaging, innovative, and interactive.
Google Ads is the most profitable and basic way to acquire customers. You will be able to put your products and services in front of potential customers looking for new products on the internet. You can gain new customers online easily through this channel.
As a strategy for attracting new customers, search engine optimization (SEO) has increased in popularity as it is both cost-effective and simple. It is also the best way to build a reputation and increase visibility. You will need SEO or SEM to make your content more visible on the SERPs. Both of these widely used digital marketing strategies allow you to drive significant traffic via paid or unpaid/free listings. Furthermore, it allows you to stay up to date on trending topics and optimize your blog posts.
It is impossible to find a single solution that will work for every company to acquire new customers. Finding and implementing an effective marketing plan for your company is essential to its success. To drive new customers, develop a strategy based on your business’ capabilities and limitations.
In order to devise and implement an effective customer acquisition strategy, your business will need some tools. Tools like Buffer, MailChimp, and SEMrush can all aid in implementing the strategies you need to acquire new customers. You would also need to have a reliable internet connection in place, like the one offered by Windstream Kinetic to use these tools.