Simple Lessons to Improve Your Customer Acquisition Metrics
A business is nothing without customers. Yet how do you initially acquire those customers? As a small business, the process of reaching and acquiring new customers can be overwhelming. And that’s not to mention retaining these customers.
Luckily, there are quite a few things that businesses of all sizes can do to improve their customer acquisition metrics. Best of all, these strategies aren’t quick fixes. Instead, they focus on improving customer acquisition and retention for the long run.
Here are four simple lessons that will help you improve your customer acquisition metrics with limited resources.
Engagement is paramount. There is little chance a new customer will visit your website and automatically buy your products. Instead, those customers that do end up converting will visit your website several times before making a purchase.
There are several ways to build engagement. Perhaps the best strategy is to build a quality relationship with your customer. Show them you’re a company they can trust. Treat them fairly. Connect your company’s values with those of your customer.
Staying active on social media is one way to build engagement. And don’t just post, post, post. Strive to interact with customers on a one-on-one level. Use social media as a tool to build relationships rather than just sell.
Customer acquisition doesn’t have to mean spending more. Monitor your spending and focus on organic ways to reach a new audience. Don’t throw money at every type of paid advertisement out there.
A great strategy for this is to avoid hiring a large sales team. Instead, have the founders of the company make as many sales calls as possible. This allows those behind the company an up close and personal view of their marketing tactics. It gives them the ability to tweak the message and further react to what their customers say. It also shows the customer that your company thinks they’re valuable.
Automated tools are another smart bet. Automation software can help you improve email marketing and convert more leads into sales. And it does this without a whole lot of manpower or upfront cost.
Educate Prospective Customers
The old sales model just doesn’t hold up in today’s online environment. Before making a purchase, a prospective customer is all but certain to Google your product for a second opinion.
With that said, steer away from persuasion and lean towards trust. Educate prospects about your company and products rather than hassle them about buying. At the same time that you get the sale, you’re building customer engagement, increasing the chance they’ll choose you again in the future.
So share valuable information. Strive to become an industry expert. Make your brand an authority in your field so prospects learn to trust your opinions from the get-go.
Isolated businesses are a thing of the past. Today, it’s more important than ever before to build partnerships with other companies. Strategic alliances are incredibly valuable in today’s global economy.
A prime example is the partnership between Spotify and Uber. The two companies paired up, offering customers the chance to hear their favorite Spotify playlist while riding in a hired Uber car. The partnership benefited both companies as well as the customer.
Indeed, this all goes to show that acquiring new customers doesn’t always involve a great new idea. Instead, it sometimes means joining forces with like-minded companies for a simple marketing plan that benefits both brands.
Attracting New Customers
Long-term strategies like those discussed above are the key to acquiring new customers. Avoid one-off flukes that provide an immediate payout without anything else down the road.
Attract new customers by building relationships, educating them, and developing partnerships with like-minded brands. Do this all while keeping an eye on your marketing budget. At the end of the day, a smart strategy that combines all of these lessons will likely make a big impact.