Your business’s growth depends on increasing the number of customers you bring in. However, creating a customer acquisition strategy that will remain relevant and reach a quickly changing customer base is a challenge many businesses cannot solve.
We will bring you the latest insights about customer behavior in 2022 and how to overcome the most common customer acquisition strategy challenges. Then, you can build a strategy that leads to more loyal customers and ultimately increases your business’s revenue.
- Customer acquisition is about encouraging action while marketing builds awareness.
- An effective customer acquisition strategy requires deep insights into your customers using customer data.
- Keep your customer acquisition strategy flexible so you can change with the times.
- Retaining loyal customers is more cost-efficient than acquiring new customers.
What is a Customer Acquisition Strategy?
Your customer acquisition strategy is the processes you have in place for attracting and converting new customers. It includes all the steps of your sales pipeline, from lead generation to conversion and every step in between.
However, customer acquisition strategies look slightly different than your marketing strategies. Marketing aims to inform customers and create brand awareness alongside demand for your product or service. However, customer acquisition aims at turning consumers into customers through a specific action or steps they will take that will end in conversion. Customer acquisition will increase your business revenue, which makes it a vital strategy for business growth.
Unfortunately, you can’t develop a customer acquisition strategy once and assume it will remain evergreen. Instead, you must continually update your acquisition strategy to match current customer behavioral trends and technology to improve the process.
5 Vital Customer Acquisition Strategies for 2022
To help you get started crafting an effective customer acquisition strategy for your business in 2022, we have compiled five of the most essential strategies you should include.
1. Understand Your Target Audience
Your customer acquisition target audience may differ from your ideal customer profile because customer acquisition usually starts with the assumption that the consumer is already interested in your brand or products. Therefore, you are trying to move them towards a specific action, not creating demand. To help you accomplish this, you want to look at ways to help them overcome any roadblocks they have towards purchasing your products.
You can better understand your target audience by using customer insights. These insights will tell you the most common challenges most consumers have when purchasing your products.
For example, is your target audience not buying because of financial concerns? Then consider offering discounts or explaining the value you provide for your price. The image below shows another example of how understanding your audience will help you find ways to eliminate potential roadblocks that might keep consumers from following through with your desired customer acquisition action.
2. Create Acquisition Content on Your Channels
Your marketing channels can also be your customer acquisition channels. However, not all channels work well for customer acquisition. Some are better suited for raising awareness. For example, cold emailing is a great tool for introducing consumers to your business, but it isn’t practical to convert customers because it is only the first touchpoint.
Some effective channels you can use in your multichannel digital marketing customer acquisition strategy include:
- Email campaigns
- Blog content
- Social media posts
Additionally, you can improve your customer experience by connecting to the consumer more personally through those channels instead of only focusing on making a sale.
Here is a customer acquisition example explaining three powerful channels you can use to reach your audience.
3. Streamline Your Processes
Customer acquisition is growing more expensive as customers become more informed and less trusting of brands, which means businesses have to invest more into their marketing. Ideally, companies want to acquire customers with a value three times greater than the cost of acquiring them. Otherwise, you may not financially recoup the money you invested in gaining the customer, and you will lose revenue despite seeing conversions.
As you analyze your strategy, always look for ways to streamline the acquisition process to cut costs while also improving customer value. For example, many automation platforms and software can perform tasks for your business, so you reduce errors and increase the amount of work you can accomplish each day.
4. Build a Scalable, Flexible Strategy
Avoid tying yourself into a specific box when creating a customer acquisition strategy because that leaves little room for growth. Instead, look for ways to give your strategy some flexibility to change with the times. In this way, as new technology or platforms become available, you don’t have to redesign your strategy entirely. Instead, you can incorporate new processes into your flexible framework.
Having a flexible customer acquisition strategy framework also helps you diversify your approach to avoid using one method repeatedly. Instead, you consistently reach new markets by switching up how you market yourself, where you post content, and what strategies you use to connect with your audience.
5. Retain Current Customers
Loyal customers offer a greater return than new customers. While customer acquisition is vital for growth, don’t only focus on new customers and forget about the ones already buying from you.
About 82% of companies say that retention is cheaper than acquisition. Loyal customers also increase your revenue because 65% of business usually comes from existing customers. Another study showed that increasing your customer retention by just 5% could boost your profits anywhere from 25% to 95%.
Some ways you can increase customer loyalty through your strategy is by:
- Offering rewards to loyal customers
- Sending emails on major holidays, anniversaries, and birthdays to show you care
- Sharing exclusive offers and sales opportunities
Improve Your Customer Acquisition Through Technology
At Televerde, we combine the latest technology with a human touch to offer a customer experience solution that will help you build the most effective customer acquisition strategy. Use our cutting-edge technology to gain deeper insights into your customers and their needs so that you can build your strategy on real data.
Contact us to learn more about our martech that offers an end-to-end solution that will improve your customer acquisition rate.