Lead generation and customer acquisition are two very closely related terms that are often considered the same thing. However, this isn’t the case and it’s important to distinguish between the two.

Lead generation

Firstly, what exactly is lead generation? Well, lead generation is all about finding and qualifying potential customers. This generally starts with inbound marketing, email blasts, cold calling etc. The goal with lead generation is to put together a list of leads who have indicated that they’re interested in what you have to offer.

Below are some good ways of generating new leads…

Use the power of LinkedIn

As you probably already know, LinkedIn is a business-centric social networking website that can prove to be a great platform for generating new leads. Posting valuable content and direct messaging those who may be interested in what you’re offering are great ways of generating leads from LinkedIn.

Deploy both inbound and outbound marketing

Another great way of generating leads is through deploying both inbound and outbound marketing in a balanced manner. Personalising your email communication and getting active online by regularly sharing informative content, as well as solving common customer problems will help to establish healthy relationships with your customers and build more leads.

Customer acquisition

In order to transform cold leads into clients, you need a customer acquisition strategy. Customer acquisition is all about managing the prospects and inquiries that have come from lead generation. A customer acquisition strategy involves looking at the client’s needs and interests and nurturing them until the point of sale.

In order to have good customer acquisition, you need to identify what your customers’ pain points are, what their interests are and a general idea of their budget. With this information, you’re more likely to be able to market to your customers and close the sale. A solid acquisition strategy will provide you with all the information you need in order to make a sale to potential customers.

Now that we know more about what customer acquisition is, how do you go about doing it? Below are a few of the most effective ways…

Be present on social media

Nowadays, with 3.484 billion active users around the world, social media has a massive impact on modern day life. So if you’re not present on social media, you’re missing out on a massive market that your competitors are likely already taking advantage of.

Interacting with your customers over social media is a good way to increase customer engagement with your brand and improve your customer acquisition. What’s more, it doesn’t cost a penny!

Offer deals and promotions

People love getting discounts, partly because they’re saving money but also because they feel like they’re getting access to something exclusive and limited. When people see the deals and promotions you’re offering, they are 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. They enable you to stand out from the crowd and differentiate from your competitors by offering customer benefits that they simply can’t, making people more likely to choose to shop with you over them.

Summary

So put simply, a lead is someone who has given you their contact information to indicate they may be interested in what you’re offering. An acquired customer has chosen to commit to your business and purchase your product or service.

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PERX Rewards provides a suite of reward based marketing tools which are designed to increase your customer acquisition. If you’re interested in finding out more about how PERX can help your business, contact us at sales@perxrewards.co.uk or call 01254 878 956.