Overview of Customer Acquisition Strategy
In the early strategy of a business, the main definition of customer acquisition. The customer acquisition strategy is not easy to process now and it is no more “one size fits all” proposition. In today’s world consumers are more sophisticated and they expect business to understand their expectations and make them engaged. Acquiring a new customer acquisition strategy is a more critical component of any business. Companies are trying to find out new strategies to acquire customers. They have started to use analytics to acquire customers. Acquiring new customers means understanding the customers’ needs and desires and spend more time in inbound marketing such as content, building an email newsletter and SEO. Data-driven approaches will help the business to have a competitive advantage over the others.
How customer acquisition process to helps the business?
Customer analytics: has become an important tool in acquiring customers and retaining them. It helps to get data from various sources. Such data will help the marketing team to decide which area to be focused more and which will bring more potential customers to the business. They can also predict the revenues the customers can bring to the business.
Predictive analysis: on the other hand, it helps the marketers to know about the current trends of the customers which will let them make plans according to the indicators. There are three basic steps to acquire customers through analytics
- Start to collect customer information related to the business
- Build a 360-degree view of the customer
- Generate customer insight and ranking based on their purchase behavior
Tracking the customer’s behavior online and offline will help you to reach the target customers.
What customer analytics provides to business?
Analytics will give you real-time information about the happenings of your business. Such real-time information is reliable facts on which you can make a decision. Through such analytics, you can get customer information like the following
- What did the customer purchase?
- How often has he purchased from you?
- How did he make the payment?
- What is their payment history?
- Are they a member of your blog or social site?
- Have they used your customer support service?
- What were the issues faced by them?
- Were the issues resolved?
The answers for all these questions will give you a deeper understanding about your customer and you can know his relationship with your company. You can identify special customers and provide them with special offers or loyalty programs to make them become your regular customer. The answers to the above questions will also help you to do the following
- Predict the customers’ future buying habit
- Develop new marketing strategy to acquire more customers
- Know the customers’ preferences towards your product or service
- Evaluating the methods for connecting with the customer
- The effectiveness of already launched marketing programme and loyalty programs
Customer Acquisition Strategy (Examples)
There is five customer acquisition strategy of analytics in the process of business analysts. They are awareness, Presales, Sales, Customer Service and Advocacy. During all these five customer acquisition strategy will help you to improve the marketing tactics of your business and thereby increase the profit.
In the early customer acquisition strategy of the cycle, you can get a better knowledge of the trends and patterns of the customer behavior. You can also understand how certain factors affect the purchase decision of the buyer.
In the later customer acquisition strategy, you can know which customers are at the risk of attrition. Thus by means of continuous learning about the customers and meeting out their needs can help your company to build brand advocates among the satisfied customers. Highly satisfied customer acquisition techniques will serve as a reference for your business and will influence the purchase of other buyers.
Here are few strategies to enhance your marketing efforts towards acquiring customers.
Unlock the value of customers
For examples of customer acquisition, you need to identify the pattern of customer’s purchase behavior to deliver the expected responses. Customer acquisition techniques are the most important feature of any analytics package. So companies focus on customer acquisition techniques and campaign performance calculation. Even though companies conduct better campaigns on the front end there are a lot of errors which happen at the backend.
The marketing teams should have an in-depth knowledge of the sales strategies and production costs.
The main objective of any customer acquisition techniques is to make all the departments in the companies act as a single team to actively work towards the solution. If this is not happening then your business is at the risk of getting inappropriate or duplicate data. With clearly defined goals and with unrelated data, there will exist chaos inside the company.
The main goal of customer acquisition process is to reach out to more people. There should be a strong connection between the improved customer experience and data-driven customer insights.
Signals of Intent
The marketers main objective is to find out the reason why the customer is willing to purchase a product or service. This can be learned using the keywords entered by the customers in the search engine’s search box. The search data is one of the strongest signals of intent and the best method for customer acquisition process. For examples of customer acquisition, you might find a man who is in the need of purchasing a jewelry for his wife for their wedding anniversary. You can get to know this information only if you monitor his intent data left on the internet. Instead, if you look for the personal information of the buyers then you will not find such data.
Turn Data Into Action
Analytics will help the companies to use their data to create an impact on their business and profits. Through such data, companies can understand the behavior of the customers, predict future events and take necessary actions.
The most important thing to be kept in mind is Know your audience. You should make customers your best friend. For examples of customer acquisition, If a customer is looking for purchasing anything online then they do a research in social media sites, compare the prices and they already have a brand fixed in their mind. So if you don’t mingle up with social sites then you will be a loss.
Test Multiple Strategies
Do a research with different strategies to learn the specific go-to strategies. Also, test with different marketing techniques and find out the response rate for each customer acquisition strategy. Similarly, change the position of the call to action button to see which position gets the better result for you. Identify the combinations which can yield better customer acquisition.
For example of customer acquisition strategy, direct marketing along with social networking can give quality traffic to your site at a very minimal cost. This combination attracts a lot of customers and by sharing it on social sites it can also bring a lot of new customers to your site.
Following multiple strategies will help to gain new customers.
Tools to be used
There are a lot of inbound as well as outbound marketing strategies. Inbound marketing strategies attract customers with resources such as content.
Outbound marketing strategies require you to continuously write checks in order to get new customers.
Search Engine Optimization (SEO)
Finding out the potential keywords which the customers use in the search engines is the most important factor. SEO helps to make your site more visible to the customers bringing in more traffic to the website. The best part about SEO is creating quality content and quality links which will help your website to get better ranking in search engine. Organic search results are a great way to make your site visible to potential customers. There are a lot of SEO tools available and a few are listed below
- Google Keyword Tool
- SEOmoz’s Tools
- Google Webmaster tools
- Open Site Explorer
- SEOBook’s Tools
- SERP IQ
- Word tracker keyword tool
Email marketing also forms an important element in acquiring new customers. Most entrepreneurs create an email list with the help of the traffic they receive from inbound marketing content and SEO. Email marketing works well with all your campaigns. You can make a first-time visitor your regular visitor by sending newsletters and updates to them frequently. There are a lot of tools which will help you to send, track and monitor all your email marketing task at one central location. Few of such tools are listed below for your reference
- Campaign Monitor
Conversion Rate Optimization (CRO)
The goal of SEO is to bring traffic to your site. Now after getting traffic to your site what is the next step to be taken?
You should convert all your visitors into your customers. So do something with all the traffic you receive. Modifying certain elements of your site will help you to convert the visitors into customers and in turn, it will bring more sales and profit to your business. This method is called Conversion Rate Optimization. There are certain CRO tools which will help your business to identify the best messaging and design combination using A/B test results. Few of the CRO tools are listed below
- Click Tale
- Crazy Egg
- Visual Website Optimizer
Doing an online business without using analytics is like driving with your eyes closed. If you don’t use analytics to know what is happening in your site, what is working and what’s not, which page gets more visitors and how is your online business performing then you are traveling towards failure. Analytics tools will help you to track your data from various sources. You can also get insight into your consumers’ behavior on your site. Below listed are few of the analytics tools
- Mint Analytics
- Google Analytics
The best method for acquiring new customers is to use the power of content marketing. Content is the first thing that attracts visitors to your site. So you should always make the content attractive and simple. The content should be of high quality and it should not be duplicated. Businesses who use content marketing effectively will get better output than others who don’t use content marketing. There are few tools listed below for content marketing
- Inbound Writer
- Soolve or Topsy
Selecting the right word for your online business is an important part of your business. You should know what words rule the internet. So do a research about the powerful words that can bring more traffic to your site and increase the profit of the business. Few of the copywriting tools are listed below
- The Golden Ratio Typography Calculator
- Zen Writer (PC)
- iA Writer (Mac)
Social Media Marketing
There is a lot of things in your business which is related to social media marketing. Social media marketing is not the only thing you want for your online business. But it is the main point through which your content can be spread to a large group of people online. Social media marketing tools are listed below
- Buffer App
- Follower Wonk
- Page Lever
- Sprout Social
Using analytics to drive customer information has become an invaluable asset to every company regardless of its size. It’s time to start building your analytics for maximizing customer acquisition strategy. Every business needs a customer acquisition process to help them achieve bigger success than others. Take into consideration all your business advantages and disadvantages and then draft a inbound marketing strategy which will help to acquire more customers.
Apply analytics to your business to acquire customers and speed up your prospecting efforts. Use analytics and be efficient and effective.
The main goal of customer acquisition strategy is to reach out to more people. Here we have discuss the examples of customer acquisition along with process and techniques.
- Mergers Acquisitions Modeling Course
- Mergers Acquisitions Modeling
- Marketing Analytics Course
- Marketing Analytics For Dummies