Over the past few years, marketing has become extremely explosive; customers are losing their trust in brands, and companies have begun to give up.
This is where you need to pull yourself out from the trench and get smarter. The most common marketing priorities are proving the Return of investment of marketing costs and reducing the costs of customer acquisition.
Customer acquisition means procuring new consumers or clients to your business. You need to formulate a sustainable, systematic, and tested strategy that withstands the test of time and ever-changing trends. You need to leverage loyal users and lower the cost of acquiring new ones.
As rightly said by Bruno Estrella, Webflow’s senior growth marketing manager, “Customer acquisition channels are pretty much the places where you will introduce the value of your product to your prospect. These channels can either be online or offline. It’s important to understand where your customers are and to choose a channel that fits your business model.”
Features of Customer Acquisition Marketing
Your business must go for customer acquisition as it is great for the growth, development, and profitability of the company creates brand value for your business and shows evidence of traction for investors, partners, and influencers.
- It is about implementing strategies to market your products and services to new customers.
- It involves collaboration between marketing and customer service teams.
- It targets those users who are aware of your product and are considering making a purchase. It actively involves customer service and success teams.
- It concentrates on customer retention.
- To have a direct line to your current customers and convert them into your best marketers.
- To develop and release innovative promotional materials that may spark interest in new customers.
What are Customer Acquisition Channels?
Customer acquisition channels are strategies, platforms, and methods through which organizations attract new users, leads, fans, and readers. Opting for the appropriate and most conducive customer acquisition channel depends on your strategy, resources, and audience. These channels can be inbound or outbound, free or paid, and can be broken up into various types.
Let us review some popular channels of acquiring new customers:
1. Content Marketing
Content marketing is a robust customer acquisition practice for all types of businesses. In a world of false advertising, it is imperative to grab your audience’s unwavering attention by creating effective and relevant content for your website.
Blogging is a highly recommended customer acquisition method that helps you to flex your knowledge, explore various topics and build authority among your customers. It is apt for organizations of all industries, sizes, and audience types. It gives you innovative opportunities to engage with your watchers through engrossing graphics, relevant questions that users love to answer, and an enticing call-to-action that they can click.
3. Content Offers
Content offers are an integral part of customer acquisition and the conversion funnel that help you create more in-depth and valuable content. Gated content, eBooks, and guides represent a different type of content marketing that allows the readers to exchange personal information like emails and names to access the content. This helps you garner more leads out of your blog and content marketing strategy.
Video marketing is a broader content strategy that involves animation, production, editing, and scriptwriting. You just need to visualize an idea for your audience and preserve your very best content for video ideas. It should be relevant to your readers and include a clear call-to-action to get better results.
5. Social Media
Social media marketing can be organic or paid. With organic social media, you can boost brand awareness, develop a company personality, and share content that you have published in the form of website content, blog, or video making.
It capitalizes on the virality factor, which inspires your customers and followers to help you advertise. The key is to access the right networks.
On the other hand, paid social media may be a better tactic as it doesn’t require you to build up a network of loyal followers for your business; instead, it is a brilliant way to get content in front of your audience.
6. Search Marketing or SEO
Better known as search engine optimization (SEO), it helps you to optimize your content so it’s easily found by your target audience. The idea behind SEO is to show your content high on the SERP – search engine results page and make people click on your content. It’s relatively easy, very cost-effective. This again can be organic or paid.
To create a better SEO, you need to:
- Use appropriate keywords in your content.
- Add alt text to your images
- Upload transcripts for video and audio content
- Link content internally within your webpage
7. Email Marketing
Marketers build an email list and use it to connect with and convert their customers. It may sound outdated, but it has been proved to promote product information, quality content, and discounts and events. Through emails, you can connect with your audience personally, whether by sending a valuable promotional email or even just a happy birthday email.
How to Measure Customer Acquisition
Customer acquisition cost or CAC is the cost associated with acquiring new customers to your business, inclusive of advertising, events, and marketing costs.
CAC helps you to measure your ROI. High-level customer acquisition cost is calculated by dividing marketing costs by the number of customers acquired from the said campaign.
This CAC formula is
CAC = MC (Marketing Costs) / CA (Customers Acquired)
CAC comprises costs of customer acquisition, marketing, wages for marketing and sales, software used, outsourced services, and overheads.
Choosing the most appropriate customer acquisition channel
Let us consider some traits that will help you compare, contrast, and choose the best marketing strategy to acquire customers through the best channel.
Your customer acquisition channel should be:
A sustainable customer acquisition platform works in the long run, and your CAC investments can be upheld for the foreseeable future. It effectively helps in bringing organic traffic for months or years to come creating sustainable traffic.
The way people respond always changes, so your customer acquisition strategy should also be flexible. Your methodology to acquire and retain customers should be flexible and you should always be ready to react to market trends.
Your strategy to acquire and retain your consumers should be pinpointed towards the right people. You should specify the needs or desires that channels should be expected to meet. A targeted customer acquisition strategy should figure out what’s best for your resources, business, and audience so that you obtain realistic and long-term responses to your customer acquisition efforts.
This is like cross-pollination. With a diversified customer acquisition channel, you have a greater chance of reaching new audiences and creating new leads. It should be able to create a balance between risk and reward. If one channel fails, it should be easy to reallocate funds for a new, better-performing method.
Your customer acquisition channel must work to acquire new customers and retain existing ones using innovative and improved customer service methods.
When your business circulates delighting and retaining customers, your marketing strategy gives you momentum which helps you to align your entire organization around delivering a remarkable customer experience. This produces happy customers who drive referrals and repeat sales.