All marketers work with limited time and resources, particularly if you are a small business. We highly recommend working with a marketing partner to extend the bandwidth of your marketing abilities for this reason. But regardless of the size of your team and who you work with, you will always need to make adjustments and concessions to what you are able to do.
That begs the question, should you be putting more emphasis on getting new customers or retaining your current ones? In truth, you need to do both in order to grow. Last week we talked about customer retention strategies that work, so now let’s take a dive into customer acquisition, why it is important, and strategies you can use.
Customer acquisition is the reason why sales and marketing are usually grouped closely together in businesses; no matter what your other performance objectives are, gaining new customers and market share will always be a strategic goal if you are a business that wants to grow and remain competitive. Here are the four areas we recommend looking into to increase your customer acquisition success.
1. Understand the 3 Components
The first step in gaining new customers is to understand the 3 key components of the consumer decision process, and know what to ask yourself to assess your success at each stage.
Step 1: Awareness– Are your potential customers aware that your brand exists? Which of your marketing efforts achieved this awareness?
Step 2: Consideration– Is your brand being considered by consumers when they are in the research and consideration phase of their path to purchase? Why or why not?
Step 3: Decision– For consumers that make a purchase, what pushed them to do so? For those that didn’t, what were the barriers?
With an understanding of where your brand lands in each of these stages, you can better adjust and implement the best acquisition marketing strategies to strengthen your sales funnel.
2. Diversify Your Marketing
In order to increase your brand awareness, you need to target multiple customer segments on multiple marketing channels. You can’t just rely exclusively on that billboard you put up 3 months ago, or the Instagram page you’ve been tending to every day, or even that one digital ad campaign you have running. While these tactics are great ways to market your brand, you cannot exclusively rely on just any one of them. You will miss out on other potential audiences that may not be on that one marketing channel, thus limiting your customer awareness.
3. Create High Quality Content
We cannot express how important a content marketing strategy is towards increasing your acquisition rates. The more valuable content you produce that shows up in your audiences’ Google searches, the more people you will have in the awareness stage of your sales funnel.
But remember, a successful content strategy requires research into what keywords your audience searches for in your market and optimized content that ranks properly in search. This is more than just writing a blog post and hoping for the best.
3. Referral Programs
It helps for retention, and it helps for acquisition too. When you have a referral program you’re providing incentives to your current consumer base to connect with people outside your customer base and bringing in new customers. It’s a win-win scenario for the company and the consumer, and referrals can be implemented in any way that you see fit for your company.
Want to learn more about acquisition and retention or get comprehensive help making and implementing your marketing strategy? Contact one of our digital experts today.