A customer acquisition strategy is a process or a series of steps followed to convince potential customers to purchase your products/services. No doubt, it involves multiple touch points however, one has to go an extra mile to nurture the leads generated so that they feel more comfortable in spending their money in your offerings.
Every acquisition is associated with a cost needed to acquire a new customer/ client in your business. According to a report, the customer acquisition cost has increased by over 50% in the last five years. This creates a worrisome situation for all organizations. Nevertheless, an improvement in the customer acquisition cost can be achieved by following the below four steps:
Redefining customer acquisition strategy
There is no single perfect strategy for customer acquisition success. An organization has to keep revisiting and redefining it based on its experiences encountered in the real world. A continuous process of learning and unlearning things can help in the modification of the initially built strategy to reap fruitful results at some point of time.
Guesstimate customer acquisition cost
It is very crucial to create a rough estimate of the customer acquisition cost of an organization in the very beginning so that it becomes easier to track it over time. Reduction of the costs to the maximum extent can potentially lead to coming up with innovative strategies to acquire new customers.
Improvement in website conversion rates
A website conversion rate depends very much on the kind of relationship an organization builds and maintains with a visitor. A welcoming, engaging and attractive website with a casual language and visuals can lure more and more customers to take interest in the organization’s products/ services.
Valuing existing customers
A different way of going about enhancing customer acquisition rates with minimum costs is to focus on delivering outstanding experiences to existing customers. Providing a superior, world-class customer experience is a non- negotiable component of customer retention as well as customer acquisition strategies. Existing customers can become an organization’s brand ambassadors and promoters if the focus is on going beyond their basic expectations.
Customer lifetime value, customer stories on how valuable your product/ service is in their day-to-day lives, etc. are some ways to indirectly boost customer acquisition rates with minimum costs and time.
In a nutshell, it is high time to focus on smart acquisition techniques to onboard new and right customers to your organization. This can definitely happen with minimized costs by keeping in mind the very fundamental mantra: Customer acquisition is a function of customer retention, which in turn, is a function of delightful customer experience.