If you own a business or any e-commerce, at some given point you must’ve asked yourself how to acquire more customers. Customer acquisition is at the crux of any business. You may have the best product or service to offer. But if you don’t reach potential customers then all your investments and efforts hold no value. To overcome this problem, let’s understand the meaning of customer acquisition and what goes behind it.
What Is Customer Acquisition?
Customer acquisition refers to gaining new customers. Hence, acquiring new customers means persuading consumers to purchase a company’s product or service. The rate at which any business is gaining new customers can make or break your business. Furthermore, Customer acquisition methodology refers to the methodologies set in place for managing customer prospects and inquiries that are generated by several marketing techniques.
What is Customer Acquisition Cost (CAC)?
Companies dread spending more on acquiring customers than the customer pays. The cost that a company shells out for the acquisition of new customers is called CAC. CAC is calculated by dividing the total cost incurred with the acquisition by total new consumers within a specific time-frame.
Customer Acquisition Strategies
Customer acquisition requires forethought and strategies that need to be put into place. Once you’ve identified quality potential customers you can choose to implement online or offline strategies. In this blog, we’ll take a look at both strategies.
Online strategies
1. Advertisements
What is any business without running ads or google or Facebook? Consumers are always surfing on the internet; with ads, they get to see your product in action. Remarketing to customers i.e. customers who have visited your website but not made any purchases will give your customers a push to come back to your website. Promoting a post or content like blogs, images, etc, can help you reach out to a more general audience.
2. Content marketing
Your content gets people attracted to your website. The creation of content such as blogs, videos, image posts, etc can capture your user’s attention in more than just one way. Make sure that your content is fresh and relevant to the current times.
3. Email marketing
Email marketing may be a more traditional approach but if put across correctly can help you gain new clients. Sending a personalized email about recent launches, creative posts, etc can remind them of your brand.
4. Social Media Market
One of the easiest and inexpensive ways to reach people is through social media channels. Moreover, the social media presence of your business needs to be felt by viewers. Posting regularly on social media is important but so is engagement with users who ask questions, leave comments, etc.
5. Influencer Marketing
This is the most popular and exhaustive marketing strategy since influencers have a large number of followers. Collaborating with them will help in the promotion of your products which in return will give your brand more visibility.
6. Affiliate Marketing
Affiliate marketing requires you to ask individuals or bloggers with a large fan base to promote your brand. Additionally, this can be done through referral links, you can pay them for each sale that they make.
Offline Strategies
1.Banners and Hoardings
Displaying your product and brand on banners and flexes gives your brand more credibility. This may give you visibility but their success is almost impossible to track.
2. Popups and Local events
Check if you can put up kiosks at local events and interact with more people there. You can make them more aware of your brand and offer gift vouchers and prizes in competitions such as small events and fests.
Customer acquisition can prove to be a challenge, but with the right investments and efficiency in your content, this process becomes less hectic. You cannot expect immediate results for the same. Some strategies may show results faster than the others. Hence, take your time with it, and have fun while you boost your sales eventually.
