Customer Acquisition – A definitive guide 2023!
In a continuously evolving digital era, marketers often need clarification about choosing the best strategy. Even though many optimum options are available for them, customer acquisition still beholds a strong position for bespoke results.
Whether you are a beginner, starting your business, or an established business owner, this option is still relevant and highly recommended.
But what is this process, and how can one make the best of it? Let’s find out in this definitive guide.
What is Customer Acquisition?
Customer acquisition is the digital process of finding and enticing prospective customers to buy your product and service in a measurable and repeatable way.
Primary customer acquisition examples include email marketing, CRM usage, and proactive customer assistance/service.
Different types of customer acquisition channels
Customer acquisition channels are nothing but the mediums and digital prospects you, as a brand owner, use regularly t connect with your ideal buyer personas.
It has an extensive list where you can pick the most relevant and result-oriented ones to bring game-changing acquisition methods to life:
Some of the highly adopted customer acquisition channels are:
- Your Website
- Email Marketing
- Social Media Marketing (Organic)
- Paid Ads
- Customer Support/Assistance
- Referral Programs
Customer Acquisition Funnel
Customer acquisition is divided into many parts/stages, called the customer acquisition funnel. Regardless of your selling methods (Wholesale or Direct), you must understand this funnel before diving into the digital marketplace.
The customer acquisition funnel consists of the following:
This is the number one stage of the customer acquisition funnel. Your primary goal is generating awareness and leads within your specific region and target audience.
Be it by some campaigns using the right hashtags (#), social media sharing, or email marketing. Your job is to promote your product to relevant audience groups who might show interest in your product/service.
After the first step, if you see any movement, like someone has signed up to your pages or follows your social media channels, then be sure they are interested in buying your product or service.
It is now in your hands how you convince them to do it.
- Final Purchase
This is the final stage of your customer acquisition funnel when a targeted buyer turns into a potential customer.
Their action, such as products added to the cart, shows they are going for the final purchase.
You can send them gift cards or promo codes to increase their interest and make them regular customers.
These are fundamental ways of adding and converting buyers into potential customers. Apart from this, one must adopt many other ways to enhance product sales in the global marketplace.
Customer Acquisition Strategy – What does it mean?
Customer acquisition strategy refers to the various plan, implementations, attractions, engagement, and conversations of regular buyers to potential customers of your brand.
Nowadays, customers are not bound to a few specific channels. They have access to multiple channels where they can find products and buy.
In contrast, a sheer customer acquisition strategy involves exploring and optimizing those mediums to find those buyer personas and engage them for a more extended period.
7 result-driven Customer Acquisition strategies to try!
- Start Blogging
Content is the ultimate boss, and there’s no better way to optimize your content strategy than blogs. It has the power to boost your web presence and ranking in SERP.
When you start blogging, you drive the engagement rate and educate your audiences about your product and service details. As a result, your audience base trusts you and becomes your loyal buyers.
Remember, you must create simple, eye-catching blogs with the right product images and relevant keywords. A result-driven blog asks nothing more than this to stand up to your expectations. But for that:
- You must invest in hiring content writers/strategists who can write SEO-friendly, engaging content.
- Share those blog links in your social media channels and email newsletter.
- Run PPC (Pay-per-click) Ads
The organic way is excellent for driving customers back to the brand list, but it takes time and a lot of consistent effort.
However, you can opt for paid marketing. PPC or Pay Per Click has been on marketers’ top customer acquisition strategies list.
Many brand owners have turned to various platforms like Facebook, Youtube, Instagram, Snapchat, and Google to enable high-performing paid campaigns for their products lately.
Facebook and Google Ads options are their favorite to drive paid traffic quickly.
Each paid advertising platform comes with specific particularities. They primarily all charge for user impressions (how often your Ad is seen), using a metric called CPMs (Cost Per One Thousand Impressions).
With paid advertising, users can choose their target audiences, demographics, interests, and other traits.
Although paid advertising is a faster way to acquire a customer base and engagement, it belongs to the expensive customer acquisition strategies category.
- Paid Partnership with Influencers
Influencer marketing is not a new customer acquisition strategy term. However, it has gained more popularity due to the emergence of social media channels like Snapchat, Instagram, Tiktok, and Youtube.
Nowadays, enterprises with a decent budget quickly use these strategies to gain followers and buyers.
It belongs to the same expensive category as PPC. It involves finding the right influencers with huge followers and partnering with them for a specific period to promote your product.
As per experts, influencer marketing is one of the quickest and most convenient ways to gain followers for the brand.
Your sponsored content will get broad exposure to a large-spectrum audience, resulting in a higher conversion rate.
- Email Marketing Campaigns
For a longer period, marketers have used email marketing strategies for their brand’s lead generation.
Collecting the email addresses of customers and collaborators remains the best lead generation investment for customer acquisition.
Once you have built a strong email list, you can set automated emails to run effective email campaigns to send personalized newsletters to generate leads and then to potential customers.
Email campaigns are an excellent way to inform customers about a new product launch. Or you want them to join your webinar and personal growth programs.
- Enhance Your Search Engine Visibility
This is one of the most prominent challenges marketers face while working on customer acquisition strategies.
Whenever audiences think about any product or service, they turn to Google to find the answer. They put their query, f.e, “gaming mobile under 20K.” in the Google search box and follow the suggested links.
As a marketer, your job is to crack the best possible keyword and stuff those into information content to prepare relevant blogs and titles referring to those keywords.
Once you put all of those in, your content will help boost your blog or page ranking in Google pages. Asa result, you end up appearing in the Google top lists.
- Start a Referral Program
A personal recommendation about a product or service is much more effective than any organic or paid campaign.
People tend to trust words and genuine reviews of users instead of random advertisements. It’s simple. When a friend tells you to use a product, you take no time to buy and try it.
The strategy is simple, but it takes a whole set of planning to execute in the real world. You can simply find out your audience’s friends, supply them with products to use, and refer them to their friends.
Instead, you track their activities and the people they follow and target them to use your product.
Once you succeed, it could be one of the best customer acquisition strategies for you and your brand.
- Invest in Traditional Advertising
Traditional marketing has retained its shine and remains effective in the digital marketing era.
Traditional marketing, like printed flyers to billboards and TV Ads, is a convenient way to expand your customer acquisition channels to reach a brand new and targeted audience base.
Customer Acquisition Cost (CAC) – What is it, and how is it calculated?
To understand the results of your customer acquisition strategies, you must understand how to calculate your customer acquisition costs (CAC).
CAC calculation is simple. It refers to your customer acquisition cost as the total marketing cost divided by the number of customers acquired.
Businesses calculate customer acquisition costs to understand whether their marketing approach is profitable.
Create a successful customer acquisition strategy with us:
By now, you must clearly understand customer acquisition and how to enhance it using various mediums and forums.
It’s a simple way of optimizing the mediums to find relevant customers and convince them to remain constant and loyal to your brand.
However, understanding customer mind and tracking their activities on their favorite digital mediums ask for professional assistance.
You can risk your time, effort, and money as a single mishap can break down your process significantly.
Hence, partnering with a Shopify Development Company is a more convenient and safe option to achieve desirable results.
For creating a successful customer acquisition strategy, hire Shopify developers now!