You could spend hours working on an amazing idea and perfecting your product or service, but if you’ve only got a few customers, you can’t expect to generate as much revenue as you’d like to. This is where customer acquisition comes in.
It’s certainly true that customer retention can increase your profits significantly, but you first need to find these customers before you can focus your efforts on retaining them! At the end of the day, all future business growth boils down to how well you can attract new customers and keep them.
What is customer acquisition
So what exactly is customer acquisition? Well, simply put, customer acquisition is all about bringing new customers to your brand. Acquiring new customers involves persuading consumers to choose your products or services over your competitors.
This can be done through various marketing techniques, which each share the same goal of maintaining a consistent influx of new customers.
The value of customer acquisition
We’re definitely stating the obvious here, but increasing your customer base is the fastest way to reach short-term revenue goals. Customer acquisition is particularly important for startup businesses or those without a solid customer base since for such businesses, no new customers means no sales are made.
Obviously, customer acquisition is important for all businesses since acquiring more customers leads to business and brand growth!
The benefits of good customer acquisition
The benefits of having great customer acquisition are pretty obvious, particularly newer businesses or those without a solid customer base. Using appropriate customer acquisition strategies enables businesses to grow through bringing in more customers. Not only that, but targeted customer acquisition programs help companies acquire the right customers in a cost-effective way.
New companies or those with less established products need to focus particularly on customer acquisition since, without any new customers, their revenue is going to be extremely limited.
So there you have it, the main benefit of customer acquisition is that it gives your business the chance to boost sales and grow your brand
Ways of acquiring customers
So now we’ve covered what customer acquisition is and why it’s so important for businesses, you may be wondering how to go about acquiring new customers. There are in fact many ways of doing this that can work wonders for your business. Below are some of the most effective customer acquisition strategies.
Focus on product benefits over features
Firstly, try focusing on the benefits of your product or service more in your marketing campaigns. Although listing product features are useful for informing your customers what the product or service is, the benefits are what will intrigue your customers the most.
Highlighting how your product or service can benefit your customers is a more effective and direct way of showing your customers why they should choose to buy from you rather than from a competitor. While you can still focus on features in your marketing communications, your focus should be on making your customers aware of the benefits to them.
This simple strategy can go a long way in helping you win new customers!
Offer deals and promotions
People love getting discounts. Partly because they’re saving money, but mostly because they feel as though they’re getting access to something exclusive and limited. Some ideas for offering deals and promotions include using your social media accounts to run coupon ads or throwing in small items as freebies on orders over a certain amount.
When people start to see the deals and promotions you’re offering, they’re more likely to purchase from you.
A great way of making your customers feel as though they have access to something exclusive is through loyalty programs. Loyalty programs help you to stand out from the crowd and differentiate from your competitors by creating customer benefits that they simply can’
Be present on social media
Nowadays, as you’re probably aware, social media has a massive impact on everyday life. In fact, there are now 3.484 billion active social media users around the world. So if you aren’t present on social media, you’re missing out on a huge market that your competitors are most likely already taking advantage of.
Interacting with your customers and potential customers over social media is a great way to increase engagement with your brand. Simple things such as sharing your customers’ stories, hosting competitions, and replying to customers’ queries over social media are all effective ways of increasing customer engagement.
Although it’d be unrealistic to say that all of your social media followers will convert into customers, the more followers you gain the better chance you have at winning new customers.
Listen to what your existing customers are saying
Finding out what the opinions of your existing customers are can give you a good idea of what you’re doing right and what areas you can improve on. Your existing customers will have a pretty good idea and will be able to tell you what your strengths are, these strengths can then be highlighted when you’re marketing to new prospects.
PERX can help your business to acquire new customers using our white label rewards platform. Find out more information and book a demo with one of our dedicated team members. Simply fill out the form below.
Book your demo
Simply input your details below and we’ll be in touch to arrange a demo.