First, let’s define what customer acquisition is. Customer Acquisition is a list of methods used to acquire new customers by properly advertising products through various platforms and managing that relationship throughout the business.
These strategies are common, but every business needs a different approach to connect to their customers. Make no mistake, common doesn’t mean effective. In fact, simple works. Entrepreneurs and companies over-complicate the process, we will make it simple. However, the first step to acquiring new customers is to know who your customers/audience are and how your product is useful to them.
1. Buyer Persona
Ask some simple questions about your customer. What are their motivations? What will drive them to make a buy decision? The why? Understanding your “why” in the sales cycle is critical in customer acquisition. Otherwise, you are making assumptions as to the motivation of your buyer.
What is your buyer personality? Sound simple? It isn’t. In fact, if you fill your conference room with your team and ask them, chances are you will get 100 different answers from 100 different people. Your product isn’t for everyone. No matter how you shape it, it isn’t. You may be able to convince yourself otherwise, but products and services are not one size fits all.
What problem are you solving? No matter the product or service there must be the inherent benefit of a solution. Whether it’s fast food, technology, delivery, a mask, it solves a problem. In understanding your buyer’s personality, you will quickly uncover the solution it will have for them. With that, you have your first step in customer acquisition.
A buyer persona reflects an identity or model of your ideal customer build based on your marketing needs and your existing customer area. The buyer’s persona will help you with focused marketing. It will provide insights about the exact customer looking for your product/services.
2. Hit Your Sphere of Influence
Meeting and interacting with old friends and relatives might lead you to some worthy customers. There are always references to connect with.
Increase your network the same way to get in touch with many customers who may want to buy your product. Keep in constant touch with them. Ask them about product reviews and feedback. It will help you to upgrade your product as per market needs.
We always want new customers. However, don’t forget that you have existing ones. Because studies have confirmed that the probability of selling a product to existing customers is about 60-70%, while it reduces to 5-20% for new customers. Never forget what it takes to acquire a new customer. Your gold lies within your current client base and your sphere of influence.
A break in communication can lessen the interest of existing customers and drive them away. So, keep them updated with your products and ask for regular feedback. Don’t be shy! Those that know you and have purchased from you are already an advocate. Use that to your advantage.
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3. Social Media – Yes, Social Media
You may be saying to yourself, social media, come on, everyone knows that. True, most do it wrong! Look, there are facts you cannot deny. The average person spends 3 hours a day on social media. Can you say captive audience? Can you smell the opportunity? OK, so why are you converting sales on free, not paid advertising on social media then?
Many businesses do it wrong when it comes to social media customer acquisition. They chase money instead of building viable and sustainable relationships.
The core essence of social media is CONNECTION, not marketing. Granted, this connection can be commercialized (marketing) down the line, but there must genuinely be that connection first before it can be monetized.
It is crucial to spruce your social media activity (as a business) with non-commercial, value-adding, or community-building content. This is important in forging a sentimental connection with your audience.
Don’t fall in love with that ultra-rare occurrence of someone haphazardly buying something cold. It just doesn’t work that way. Conversations drive connections. Connections drive engagement. Engagement drives the trusted brand. The trusted brand drives sales.
Ready for more? Check back next post as we countdown the top 11 evergreen methods in customer acquisition!