If you want to grow your business, customer acquisition is a fundamental process to understand. After all, you can’t grow if you don’t have customers, right? Acquisition Marketing takes that a step further as a strategy that focuses specifically on consumers who are aware of you and are considering making a purchase. In this article, we’ll review the key things you need to know to implement this strategy ASAP.
Let’s start with the basics. When we talk about customer acquisition, we’re talking about the process of bringing new customers to your business. The main goal is to increase sales, but you can also:
- Increase brand awareness.
- Create a balance of existing and new customers.
- Get new suggestions, feedback, and reviews.
- Increase the opportunity of getting new investors and partners.
So now that we’re clear on the definition of customer acquisition, what’s Acquisition Marketing? It’s a marketing strategy that focuses on consumers who have become aware of your brand and are considering making a purchase. It doesn’t matter if your business is large or small, all businesses need this strategy to keep growing.
It’s important to know that this is not the same as customer retention. The retention strategy aims at nurturing the relationship with current customers, whereas customer acquisition has the goal of gaining new customers.
Here are some facts you can’t miss about Acquisition Marketing:
- The key of this strategy is that it needs to have personalized elements catered to the individuals' interests, needs, or behaviors. That way you'll have a better chance of reaching the right audience.
- Predominantly, a customer is looking for inspiration to make purchases on digital marketing channels; how you define your audience will guide you on what digital channels to use in this strategy. For example, Instagram is a great channel to reach people who are most likely to be interested in lifestyle brands such as fashion businesses, and the industries that work best with Facebook are those where the customers have a high lifetime value, such as subscription-based businesses.
- One of the most successful Acquisition Marketing strategies is content marketing via social media. New, exciting, and relevant content is a highly effective way to catch your audience’s attention.
- Data is fundamental in this strategy, you won't be able to assess anything when it comes to your acquisition strategy without it. You’ll need to link all of your marketing materials to an analytics engine. For example, Tableau is an amazing analytics platform where you can manage data and share insights.
- If you have the right acquisition strategy, you’ll be able to lower your customer acquisition cost and increase your customer lifetime value.
But the real question is, how can you start implementing an Acquisition Marketing strategy for your business? We know that doing all the tasks involved in this process can be overwhelming, that’s why Targetable can do it for you! We’re the affordable marketing partner you need to achieve your customer acquisition goals, we’re experts at building Facebook and Instagram campaigns to reach new customers and we have the analytics tools your business needs. If you want to learn more, reach out to us today!