Customer acquisition and retention are two essential components businesses must factor into their growth strategy. It is believed that it is easier to retain customers than convert new prospects into customers. Depending on your industry, customer acquisition can be anywhere from five to 25 percent more expensive. However, with the right strategies and a structure that enables the process, customer acquisition can become a fruitful venture.
Organizing your market strategies can be a cumbersome task. It takes market research and understanding the needs of the customers to come up with effective marketing strategies. When you have the requisite data, creating a resonating idea is an entirely different story. But the efforts are well worth it, and any company serious about growth will pay attention to customer acquisition.
A marketing strategy is a growth plan that includes crafting an irresistible offer to convert prospects into customers. A good marketing strategy must be data-driven, powered by a good value proposition, and delivered through a captivating brand story. It should show the four marketing Ps: price, product, place, and promotion. Underlining what the company believes and your competitive advantage.
Your marketing strategy must highlight your competitive advantage and your brand story. This way, you have a higher chance of drawing customers who will become brand advocates. Marketing strategies can be the reason why your business remains mediocre or why it stands out from the crowd.
There are many ways to stand out, including:
Discounts are an evergreen strategy to attract new customers to your business. Introductory or milestone discounts could be a way to show customers you care. It is a fantastic trick to force prospects to break away from their previous buying habits and commit to yours. Discounts are also an excellent way to increase word-of-mouth advertising.
Special offers will get new customers to tell their friends about them. Allowing you to double or triple your customer base with one effort. Social media is another good platform to leverage for your discount offerings. People will automatically like and share when your value is irresistible, thus increasing your traction.
Once you have loyal customers, it is time to include referral tactics into your marketing effort. Referrals are a great way to connect with your customers and ascertain if they’re delighted with your brand. Include incentives like promo codes and discounts for customers who refer their family and friends. Personal recommendations are one of the most influential factors to purchase decisions, and you can leverage that to grow your business credibility.
From time to time, it’s a good idea to segment those who haven’t patronized you for a while. Retarget them with messages showing how much you care and even offer them welcome discounts. You can also remind them of products they once loved and similar offerings. Remember that out of mind is out of sight, so make that call or send that personal email.
There are so many parts to building an excellent marketing strategy that can be overwhelming. Using customer relationship management (CRM) software gives you clarity and reduces work silos. You can collaborate with other members of your team in real-time. You can assign tasks and leverage different templates to handle repetitive tasks, focusing on work that truly matters.
Having online visibility is crucial to your business’s success in this dispensation. It shows credibility, attracts new customers, and can easily be shared. If you have an existing website, you will improve your search engine optimization and marketing. Ensure your web pages load fast and are mobile-friendly, as anything less would be a turnoff.
Prospects search for reviews of a particular brand they’re unfamiliar with before purchasing. Sharing online reviews is sound social proof to show new clients previous buyers are happy with your products. It also hints to customers that you appreciate their views and improves your credibility.
Community events are a great way to show your brand as relatable. Sponsoring an event is an excellent way to raise your profile. Community participation will allow you to share more information about your brand and meet new clients.
Social media allows you to share your brand story and connect more with your customers. If you take your social media efforts seriously, you can build a strong community that supports your brand. In addition, organizing webinars and FAQs are an excellent way to teach customers about your products.
There will be many businesses around you that aren’t direct competitors. However, some firms with a significant following could offer complementary services to yours. Partnering with such companies where you cross-promote each other’s products will be mutually beneficial. This way, customers who already trust that brand automatically trust you, further improving your credit to prospects.
Networking is a fantastic way to build brand awareness and raise your profile. It helps you better position your business to be beneficial to a new audience. Community events are a great way to create a relationship with your customers.
Customer acquisition is an investment you must make. For instance, to easily spot old customers who stopped buying for a while, you need to have functional CRM software. You can then segment them and tailor specific messages to resonate with them. Without such a tool, leveraging such an opportunity might be challenging to achieve.