image

How to optimize customer acquisition for your business

Shannon Ah Tow / October 13, 2022

The ability to optimize acquisition and retain current customers is a necessary element in any successful business, today and well, has in fact always been. Yet, times have dramatically shifted and the manner in which acquiring potential customers and locking them in has matured. Your success should be that of a robust, manageable, and scalable customer acquisition, designed to generate the target inflow of new customers. Such a strategy and its tactical effort should be based on evidence of possible responses – through feedback received, actively listening, and finally, using data-driven insight to pilot ahead to heed change within your organization.  

A wide range of companies industriously invests in advertising to aid in the promotion of their brand to get new customers. Purely aimed at increasing sales, adding more profits, and creating comprehensive market coverage. However, these attempts are not actually data-driven, and for the lack of a better term are basically pulling straws with zero conclusive lead rate. Acquisition and retention are two sides of the same coin, understanding the width of the market goes beyond simple market research. 

Defining what Customer Acquisition is…

The triumph over customer acquisition optimization helps you win new business, create a loyal fanbase,  and improve profits. To put the theoretics simply, the acquisition is the expansion side — new net, add-on sales, and renewal, and retention is the loss mitigation side — churn, abandonment, and downgrades. Basically, you need customers to win new ones.

Consequently, customer acquisition refers to the activities and actions a company takes to gain new customers, and regardless of how good it might be going, a business will continuously revamp its strategies to aid in the procurement of new clientele. Any business without new clients gets diminishing profits, which nobody wants. 

When companies deliver the lifecycle journey customers value and expect, they enjoy greater stability of current revenue streams. The key is to understand each customer segment’s lifecycle journey and expectations which could become representational of the following;

    • Aligning organizational functions and data to customer micro-moments.
    • Defining systems and process flows to mirror journeys.
    • Identifying where automation can delight or detract.
    • Measuring revenue influence and productivity by journey stages.
    • Determining investment areas that support the balanced portfolio.

How do we go about all this ‘Optimization’ gibberish?

With a little bit of tweaking here and there of business practices and an in-depth analysis of customer research with a holistic mindset, companies can attain a balanced portfolio for growth through economic summers and winters, despite the eclipse of daunt upon them. For most companies, the foundations are already in place, and if not – here are a few suggestions;

    • An encouragement of customer referral allows your loyal customers to acquire new customers on your behalf (ka-ching)
    • An output of relevant content creates value-add marketing, increasing the awareness of your brand & expertise.
    • Strategic advertising is more efficient and effective than traditional, aggressive advertising – First, know YOUR customers, then target YOUR customers.
    • An acquisition tool through brand communities creates the desire to be a part of something exclusive – thus, seeing your value-add
    • Adoption of software solutions that help you identify customers’ wants, needs & dislikes
    • Interesting and engaging loyalty programs.

No longer should all that customer insight knowledge acquired during the purchase process be lost to the post-purchase experience. Business development, pre-sales, marketing, sales, and customer success teams have the insights necessary to define a customer-led culture. They want a voice and vote in shaping and living an authentic culture that meets their own, and their customers’ expectations — so let them. There is only one paramount importance of acquisition: to have more customers, increase sales, and make more profit. The act of making more profit creates further expansive functionalities and creates more products to rise.

Share this on:

Related Customer Experience Articles

September 10, 2021

Why Embracing Negative Sentiment Creates Long Term Value

READ MORE
September 23, 2021

Real Time Sentiment Analysis for Mitigating Impact of Fake Reviews

READ MORE
September 30, 2021

Return on Intelligence: Sentiment Analysis for CX and EX

READ MORE
October 14, 2021

Ratings vs Sentiment: What really matters?

READ MORE
October 28, 2021

CX: Open-Ended vs Closed-Ended Feedback

READ MORE
November 25, 2021

17 Stats to Prove the Importance of Customer Experience

READ MORE
December 16, 2021

CX Trends to Expect in 2022

READ MORE
January 13, 2022

Patient Experience: Are you doing enough?

READ MORE