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Customer acquisition strategies differ depending upon your audience. Research, data, and analysis of who your customers are, their expectations, and their values, will help you to find the most efficient way to interact with your target customer base to increase sales. These days, increasing sales is more about acquiring loyal customers than it is about continually trying to add to your customer base.
When creating an advertising strategy, rather than the old “spray and pray” technique, you may want to choose a more refined, personalized method which uses data to locate the people and businesses more likely to buy your product/service, and advertising to them on the channels where you are most likely to reach them. This method also can spark creativity in your marketing approach…what sort of avenues do you want to use in order to reach your audience, according to what you know about your customer base: Is online social media advertising or offline direct mail the best strategy, do you want to dive into content marketing, or stick to demand generation?
Strategic brand promotion, promotion of your brand identity, and creating a positive brand perception are beneficial, and may result in customers seeking your products (inbound marketing), rather than your having to actively pursue them.
Some important considerations when developing a strategy for customer acquisition are ROI, conversion rates, and the customer’s buying process (the effectiveness of which can be tracked through data acquisition and analysis). Your marketing team needs to set concrete goals, look at ROI and cost/benefit analyses, examine the customer experience you provide, as well as create a call to action to inspire your customers to engage with your company and product.
It is important to pay attention to customer experience throughout the customer’s journey, as customer acquisition becomes more and more about attracting long-term customers. Research has shown that increasing customer retention by 5% increases profits by more than 25%. Customer feedback can be crucial if your goal is retention. Customer acquisition that engages the sort of valued customers that become brand loyalists is optimal.
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