Every entrepreneur faces a sort of perplex while planning for customer success. Whether to put more effort into customer acquisition strategy or focus more on generating new leads and turning them into customers, the choice is immensely critical. In this blog, we intend to discuss the importance of a competent customer acquisition strategy and how you can design one that will fetch the fruitful results for your business.
It is easy enough to understand why new customers are essential for a business to gather, but when it comes to reviving & acquiring the existing ones, the investment for setting up the dedicated customer acquisition channels is comparatively lower.
In many studies, it has been found that both the agencies and clients put heavy focus on the customer acquisition and retention strategies. Many companies make a mistake by choosing a quick fix, especially in the case of making a b2b customer acquisition strategy. The key, although, remains on concentrating on the right strategies in this case.
This task is significantly tricky for e-commerce start-ups. Therefore it goes without saying that a solid plan is needed for preparing the foundation to build a customer acquisition strategy.
Here are some basics to build a competent customer acquisition strategy:
A. Developing Partnerships
Isolation is not an option for any business to thrive. It has become a crucial aspect for every enterprise to make new partners in the way to achieve success. A strategic alliance is the need of the hour. In the words of Carolyn M Brown, senior content producer- Black Enterprise,
“By developing the right strategic alliances or joint ventures, your company can, in many cases, increase market share, as well as gain additional financial and human resources to meet client demands."
Any customer acquisition specialist will agree to this aspect because of the fact that,
“Co-marketing is when two or more entities to market together and the entities both benefit from shared brand awareness, audience and results."
As the brands share their fortes to uplift each other, they also spread the goodwill beyond their usual circle; with partnership, brands can amplify their market reach. But how does it help them in their pursuit of customer acquisition?
Co-branding instills a feeling of trust and credibility for the brand with the existing customers, with which they gradually generate interest for the same.
B. Educating Target Groups
Shake off the old sales model with the help of new technology. Today people come across new information every day and researching on Google before making a purchase decision has become a common instance.
Today, with access to hundreds of alternatives, customers feel confused about whether to stick to a brand or move into something new. Here comes the point where one of the most significant points of customer acquisition techniques comes into being- educating the customers and clients about the superiority or advantages of the brand over its competitors. Without sharing the optimum knowledge, it is impossible to get customers hooked onto the brand.
C. Limit Expenditure
Keeping the existing customers does not always mean incurring higher costs. It is vital for the firm to monitor the expenditure. When you recruit a massive sales team with a loosely-formatted plan, it fetches results that are incapable of meeting the expectations. But how can you calculate your expenditure limit for customer acquisition cost?
- How much do the customers spend in their lifecycle?
- What chunk of people who sign up actually pay?
- What chunks of people visiting your website are actually signing up?
For this, your business should use effective and efficient management systems like ERP & CRM that will prove to be of immense support to extract the customer acquisition metrics. With these metrics, you will be able to form an excellent strategy for customer acquisition that will pave the way for the most fruitful result generation.
In the eyes of Alice Default, “Your most valuable channel will be the one that brings you the cheapest users who are most likely to succeed.”
D. Building-Up Engagement
Reality is when a new customer visits your website, he or she is unlikely to make a purchase decision. So, in this case, it is always easier to hook the existing customers. To make the existing customers buy more, it is important to pitch them the best. And not only through emails, but also through customized offer pitching, messages and many more.
The Importance of CRM For Customer Acquisition
The primary role of a CRM lies in the feature of managing the customer profiles accurately within the database and in real-time. Whether to send out customized emails or give a glimpse of the past interaction with the customer- CRM, with its versatility, provides the required and data to the business owner.
Exactlly CRM Has Your Back
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