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4 Simple Lessons to Improve Your Customer Acquisition Strategy

February 08, 2016
Aaron Polmeer

By Today’s Industry Insider


Studies show that “both companies and agency clients have a greater focus on customer acquisition than retention.”

Some SaaS businesses waste time and money by focusing on quick fixes. But your company can acquire more customers with limited resources by concentrating on the right strategies.

“For e-commerce startups, the most difficult thing is focus. It’s easy to focus on a niche for your products, but very difficult to focus on a ‘niche audience,’” says Brian Zeng, CMO of OwnOnly.

Approach customer acquisition with a solid plan. Build the foundation by developing relationships with your target audience.

Acquire customers differently by driving progress toward strategic goals. Here are four lessons to guide your team:

1. Build Engagement

It’s very unlikely that a first-time visitor will stumble upon your website and automatically buy your products. Prospective customers must be fully engaged with your brand before they make a purchase.

To attract more customers, build quality relationships. According to McKinsey, “70% of buying experiences are based on how the customer feels they are being treated.”

First, know your ideal customers’ pain points. Conduct in-depth meetings with sales.

Arrange informal conversations with existing customers. And work with the marketing team to develop accurate buyer personas.

Identify ways to connect your company’s values with your consumers. Nike uses a similar technique by promoting their mission of fitness, sports, and motivation. To their brand, everyone is an athlete.

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Social media is another effective way to build engagement. Shoppers talk about brands everyday. They’re dishing out the good, bad, and ugly. Use a social media monitoring tool, like SproutSocial, to track those conversations.

Then, create a community focusing on the customer experience. Susan Fournier, faculty director of the MBA Program at Boston University, and Lara Lee, a member of the executive committee, write:

“Too often, companies isolate their community-building efforts within the marketing function. That is a mistake. For a brand community to yield maximum benefit, it must be framed as a high-level strategy supporting business-wide goals.”

Initiate dialogue with prospects, and encourage your team to set up one-on-one interactions. For example, cosmetics brand Sephora facilitates an online forum, offering people expert advice, celebrity tips, and tutorials.

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Community engagement delivers transparency to your customers. It connects the brand’s values with your consumers. Overall, it’s a key factor in signing up more SaaS customers.

2. Limit Spending

Acquiring customers doesn’t necessarily equate to higher costs. Learn to monitor your spending.

Avoid recruiting a large sales team to grow a scalable sales model.

“Try using the founders of the company on as many sales calls as possible. After all, they have the ability to change the messaging, change the product, and react to what they’re discovering in failed sales calls,” states David Skok, General Partner at Matrix Partners.

Check out their step-by-step guide on how to calculate customer acquisition costs.

Diana Smith, marketing at Segment, suggests answering these three questions before developing …read more

Source:: Kiss Metrics Blog