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How do you grow your business? This is the fundamental question for any business owner. Every business has a different approach to customer acquisition, and many are still trying to figure out the best ways to find new customers. If you’re looking for ways to supercharge and measure customer acquisition, then the team at the BBB has your back.
However, before jumping into customer acquisition tips and tricks, it’s essential to understand the purpose behind your acquisition efforts.
Customer acquisition remains a top priority for businesses
Customer acquisition is about finding new customers and keeping the ones you already have. It’s also about learning where your customers are coming from and what you can do to attract more of them.
While approximately 73% of marketers say that customer acquisition is their top priority, only 44% of businesses are actively focusing on customer acquisition. This is a considerable gap, and it’s one that all business owners could benefit from closing.
When it comes to customer acquisition, businesses have a lot of options. There’s an abundance of channels to choose from. However, the most important thing you can do to supercharge your efforts is measure them.
If you want to find out where your customers are coming from, then measuring your customer acquisition efforts is the way to go. This will allow you to identify the channels that are bringing in the most leads, and it will also give you an idea of which channels are generating the most revenue.
By understanding your customer acquisition channels, you’ll be better able to focus your efforts strategically.
5 proven strategies to supercharge and measure customer acquisition
When it comes to customer acquisition, there are several different strategies that you can use. Some businesses prefer to focus on a single channel, while others use a combination of different methods. It all depends on the results that you’re looking to achieve.
Below are five proven strategies to supercharge and measure customer acquisition:
1. Understand why your audience is seeking what you offer
When it comes to customer acquisition, there’s no one-size-fits-all strategy. The most successful businesses have a unique understanding of their audience, and they’re able to tailor their marketing strategies accordingly.
The first step in understanding your audience is understanding what they’re looking for. Remember, you cannot sell to everyone. It's simply a waste of time and valuable resources. By taking the time to understand who your target audience is and what they are searching for, you'll be better equipped to address those needs and concerns.
With 66% of consumers now expecting companies to understand their needs and expectations, businesses have a responsibility to understand their audience.
2. Focus on building customer experiences into the customer journey
The customer journey is a complex web of different touchpoints that a customer has with your business. As a result, it’s critical to build a seamless customer experience into each step of the journey.
The customer experience plays a more vital role in customer acquisition than you may think. 73% of consumers say that the customer experience is a deciding factor when making a purchasing decision.
By focusing on the customer experience, you can build a loyal customer base that comes back time and time again. This increases the lifetime value of your existing customers and attracts new customers by creating a sense of trust and reliability.
3. Diversify your acquisition methods
When it comes to customer acquisition, it’s essential to have various strategies at your disposal. This will allow you to explore and identify what's working and what isn't. However, a failure to diversify your acquisition methods can result in a lack of scale, so you must understand your audience before making any significant investments.
4. Be flexible in your approach
The most successful businesses can be flexible regarding their acquisition strategies. They're able to identify the channels generating the highest return, and they're also able to adapt their strategy as necessary. This allows them to identify the channels that are generating the highest return and allocate their resources accordingly.
5. Monitor the right key performance indicators (KPIs)
When it comes to customer acquisition, there are several different key performance indicators that you'll want to be monitoring. Some of the most important KPIs to pay attention to include:
- Customer acquisition rate
- Customer acquisition cost
- Customer effort score
- Customer satisfaction rate
- Engagement rates
- Customer lifetime value
Each of these KPIs plays a vital role in the success of your customer acquisition strategy and gives you valuable insight into the effectiveness of your efforts.
Improve your customer acquisition with more tips from the BBB
The best businesses can improve their customer acquisition efforts by paying close attention to the details. By carefully analyzing their customer acquisition strategies, they can identify the channels generating the highest return, which allows them to allocate their resources accordingly. This not only improves their customer acquisition efforts, but also increases profits.
For more information on improving your customer acquisition, check out the BBB business news feed and the BizHQ.
BBB of Southern Piedmont and Western N.C. contributed to this article.