How to Grow Your Business with a Strong Customer Acquisition Strategy
Customer Acquisition Cost (CAC) is the amount of money related to bringing a new customer to a business. In the last 6 years, the cost of customer acquisition has increased about 60% or higher for B2B organisations. This is because of an increase in competition and the adoption of different methods to receive information. As well as this, the cost of marketing activities has risen. Additionally, the most common challenges for a brand now include a lack of trust and image inconsistency. According to a recent report from HubSpot, it was identified that over 50% of consumers have lower trust than they used to. 65% of consumers don’t trust advertisements. This means it has become more difficult for businesses to earn customers’ trust.
With the development of the internet, people tend towards making the purchase operation more efficient and economical. Qualtrics reported that 93% of customers check businesses’ digital profiles and read online reviews before purchasing a product. Likewise, negative reviews will decrease consumers’ confidence. Without the proper brand management, the trust problem could have happened at any stage of the sales funnel.
Instead of focusing on the frustrating, the developed communication technology is also providing more opportunities for organisations to increase sales if they can increase brand awareness, build trust and resolve consumers’ problems. Before we dig deeper into the customer acquisition strategy, it is important to understand the customer journey first and their behaviours.
The marketing funnel can be sorted into three parts: Top, Middle, Bottom. The top funnel process shows the first stage of the beginning of your marketing and sales pipeline. Additionally, lead generation is usually happening at the top of the funnel and lead acquisition happens in the middle. Lead conversation typically happens at the bottom phase and it usually requires more customised strategies to convert customers. For example, Haines Media has a closing strategy and customer potential scoring metric to help clients identify the potential purchaser and allocate their resources in the best way.
Compared with other marketing activities, customer acquisition marketing strategy is more focused on the people who have used your brand and elevating their purchase decisions. To close your deal, it is also important to involve your unique customer services.
The marketing pipeline should tell how your product resolves your customer’s problem.
In order to visualise the customer journey, we always illustrate the consumer-focused marketing model through the marketing funnel, as shown below:
As part of the marketing funnel, we:
Gain brand awareness;
Nurture the audience’s interests;
Help potential customers to evaluate their purchase decision and compare with other brands;
Focus on product/service selling point;
Encourage people to make the purchase decision
There are many different customer acquisition techniques, such as paid, unpaid, inbound, outbound, content marketing, SEO, etc. At Haines Media, we believe that it is vital to drive quality customers/clients and work efficiently. Therefore, we take advantage of the ‘hybrid marketing tactic’ to design and implement a customer acquisition strategy for our clients. Specifically, we typically use ‘pull’ and ‘push’ tactics according to the client’s situation.
Suitable Customer Acquisition Strategy Is The Key
The most common challenges for the brand are low brand awareness, lacking information to assist customers to evaluate their decision, inconsistent brand image and lack of trust. However, a lot of businesses and organisations do not realise this problem is due to not having enough data.
So, what can the businesses do to attract more customers and convert their potential customers/clients?
Below we list the major steps of customer acquisition strategies that businesses can leverage to ensure they always gain new customers or clients.
1. Define Strategy
The first step is to identify the strengths and weaknesses of your organisation. A clear understanding of your products and services will help you outline the advantages they have against competition. By identifying your weaknesses, you will be able to understand customers’ concerns and as a result produce a strategy to improve your products and services. Furthermore, you will need to identify potential opportunities that allow your business to grow by reviewing the current market and political situation. Finally, you can design your project objectives.
2. Pre-estimate Customer Acquisition Cost Market
The cost of customer acquisition (CAC) determines how much value a customer will bring to your business. Thus, it is vital to define customer value and the aim is to gain a high ROI. To get an in-depth and accurate look at CAC, businesses should include all costs associated with marketing spending, including everything from campaign spending and marketing salaries to the cost of the staples used to create those lengthy contracts.
3. Define The New Market
The third step is to identify the target audience or potential customers for your company. Your product or service can be a perfect solution to a certain demographic, and we can help you target them. Therefore, it is important to discover their purchasing habits. Subsequently, you can focus on business acquisition efforts effectively. Without a clear target audience, businesses can not capitalise on their marketing activity.
4. Decide On Right Acquisition Channel
Customer acquisition channels are methods, platforms, and strategies through which companies attract new audiences. However, the best acquisition channel will be determined by your resources, strategies and audience.
5. Build Optimisable Web Pages & Landing Page
Having an optimised landing page will allow businesses to direct users to buy your products and services. It is always important to have well-designed and contained calls-to-action, and regular A/B testing to improve your landing page. Having increased page speed can also make your website more engaging. Make sure your pages are mobile-responsive and user-friendly. Lastly, customise your pages according to audience expectations.
6. Use Content Marketing To Acquire Customers
Content marketing is an effective way for businesses to aim at customer acquisition. Through this strategy, the business should be able to generate relevant, unique, and easily shareable content that has the power to grab the attention of your audience and pull them to your website. For instance, many companies regularly publish their blog posts, eBooks, video content and guides. Additionally, the content creator should consider their writing from an SEO perspective.
7. Social Media Management
Social Media is playing an important role in the customer acquisition strategy. Boost your brand awareness, develop a company personality, and enable readers to share content through social media marketing. Social media carries the characteristic of virality, through which your followers will help you advertise.
8. Searching Engine Optimisation (SEO)
The right SEO strategies and tactics will help your web page show up on the first page of search engine results and make searchers want to click on your site. SEO does not drive the traffic to your home base (website) directly, but it offers you an opportunity to convert those visitors into leads. SEO optimisation methods can be broken up into a variety of different types. In most cases, website SEO needs to be improved with technical and non-technical methods.
9. Attain Customer With Email Marketing
Email marketing is not only effective in promoting high-quality content, informing subscribers about products, discounts, and events, but also a great way to simply communicate with your audience to create brand value. Therefore, the business should build an email list and convert your subscribers into customers with email marketing campaigns.
10. Build A Sustainable Relationship with Customers
It is important to build a comprehensive relationship with your customers to increase your revenue, since loyal customers tend to always buy from the same brand. We call this “Habitual Buying Behaviour”. Additionally, it is very likely that your current or previous customer will recommend you to their inner circle. This brings you more visitors and leads thanks to your healthy relationship with existing customers. For example, many companies are running a different type of referral program, especially when you are a fledgling company. The HubSpot's report found that 81% of customers will be more likely to trust recommendations from friends and family. 69% of customers are willing to spend more on a company with better customer service and 90% of customers share their customer service experiences with others.
So, how can you launch your referral program and monitor their performance?
Currently, there are many different marketing technologies that are available for businesses to create a referral program for your website, such as Referral Factory, Friendbuy, etc. These easy-to-use tools let you create a referral program for your app, website and social media platforms. So, it can help you track its progress with ease. The tools provide detailed analytics that can help you filter the different elements. By choosing the right tool, you can track and improve your marketing plan to help your business achieve success.
Proper and Customer Acquisition Helps You Grow Better
Customer Acquisition is the heart of any business, no matter whether they are large, medium or small companies. Because the customer is the major source of business revenue. This means that no company should give up their investment in acquiring new customers. With the correct and customised customer acquisition strategy, you can reduce the cost of customer acquisition but also increase the capability of the business to adapt to the market change by constantly monitoring their business performance.
How Haines Media Helps Your Business to Achieve Success
Haines Media is a professional relationship management and digital marketing company in Australia. We help our clients achieve net-zero sustainability goals, as part of our core beliefs and missions. We specialise in branding and marketing. We work with the innovative brand and deliver mass reach via a combination of digital, technology and PR tactics. In order to help your business acquire new customers or clients, we see the business facts and assess your business situation based on data. Our team of strategy specialists identify the potential growth opportunities for business with exclusive industry data and professional experience in the manufacturing industry, food and beverage industry, fashion industry and more. Our team of digital media specialists will tailor the best and fitted customer acquisition strategy to help you achieve business success.