Five Simple Ways To Acquire New Customers Using Digital Technology
Most business consulting or management consulting sessions include customer acquisition strategies. And it’s easy to understand why.
By Ryan Niddel
Customers play a crucial part in any business—they generate revenues! Let’s discuss how to compute the customer acquisition cost (CAC) and five simple ways to acquire new clients.
The first step any management consultant would recommend acquiring new customers is understanding how much it costs. It’s essential to know our CAC to ensure that our costs remain at a reasonable percentage of our revenues.
Here’s how to compute for the CAC:
CAC = (Total Cost of Sales and Marketing) / (Number of Customers Acquired)
Let’s say you spent $20,000 on sales and marketing for the year and gained 100 new customers. Your CAC is computed like this:
CAC = $20,000 / 100
CAC = $200
Compare this number with your industry’s average CAC to know if you’re spending a reasonable amount in this aspect.
Here’s a list of the different averages per industry, according to Propeller:
Consumer Goods: $22
Marketing Agency: $141
Real Estate: $213
Once we determine our CAC budget, we can proceed with acquiring new customers. Read on for five simple ways to make it happen.
The internet is a cramped space for brands and advertisers. People get tired of seeing products and services, and this is where content marketing comes in. Content marketing involves creating valuable material for our target market. Its goal is to keep our brand relevant and have our audience sharing our social media posts, blogs, videos, emails, etc. One example of content marketing done right is The Journal by Intrepid Travel. It’s a collection of adventures and photos from real travelers. Intrepid Travel made a way to relate to clients, who keep going back to the company’s website and social media pages to read more entries on The Journal. This added site traffic attracts new customers for the company.
“Class aptent taciti sociosqu ad litora per conubia nostra, per inceptos himenaeos .Aenean non turpis vitae ligula tristique sagitt isras varius erat pulvinar eros pretium”
Even websites that meet SEO requirements sometimes need a few tweaks for lead generation. In addition to a functional, user-friendly website, we should also have dedicated landing pages. These landing pages play a crucial role in our sales funnel—they close deals! This page is where our clients will do the necessary last steps in purchasing our products or services.
A lead-generating site should load quickly and have a pleasant interface. It should contain a powerful headline, form, and call to action (CTA) statement. Our payment systems should also contribute to our new customers’ easy, hassle-free experience.
Social Media Presence
If we’re not present on social media, we’re allowing our competitors to communicate with our customers, even the most loyal ones.
Being present on social media is a great way to acquire new customers. Here are some tips on how to make the most out of your social media pages:
-Create valuable content.
-Take advantage of the targeted advertising features. Facebook has a specific targeting system that allows you to choose the demographics and the interests of the people you want to target.
-Join relevant groups and reach out to potential clients there.
-Be quick in replying to potential clients’ messages.
-Customers love promotions such as dollar discounts, percentage discounts, bundles, freebies, and free shipping. Offer limited-time promotions to attract new customers.
-Come up with a plan that fits your goals. For example, use percentage discounts to liquidate inventory. It’s ideal to use more significant discounts to sell aging stocks that have expiration dates.
Announce such promotions through these platforms:
-Social media sites
-Get Good Reviews
Getting good reviews involves providing our clients with excellent products and customer service. Around 90% of customers claim they read at least one review before checking a business, and 94% of online shoppers reported that a negative review had convinced them not to proceed with a transaction.
Good reviews get us more revenues, better SEO ranking, and a wider reach. If you can convince a satisfied client to leave good reviews anywhere, even on external websites like Yelp, Foursquare, and TripAdvisor, do it.
As business owners, we should prioritize customer acquisition activities. It is the first step to building brand loyalty, and a group of devoted clients is great for business. Most of the time, they are 20% of the clientele that generates 80% of a company’s revenues. They are the ones who will repeatedly buy our products and avail of our services and tell their family and friends about our company.
It takes a lot of time and effort to attract new customers, but these five simple ways are a great start. If you have a hard time with this aspect of your business, hire a business consultant to help you. Using the right customer acquisition techniques can help your transaction count skyrocket!