As with any aspect of business, you need to have a plan in place in order to attract customers. This includes finding the right customer acquisition channels.
What methods do you intend to use to bring more attention to your business? How do you plan to convert traffic into sales? These questions will be answered by examining the best customer acquisition channels for your business.
If you are struggling to increase your sales, then you may need to reevaluate your current marketing strategies. By looking at the available channels of marketing and coming up with a customer acquisition plan, you can begin turning your website traffic into actual sales.
The Five Step Customer Acquisition Checklist
The first stage of a buyer’s journey is awareness. You need to get your brand out there and get noticed. This is typically where marketing comes into play. You need to market your products or services so that potential customers are aware of your business.
How do you get buyers to notice your products or services? Through various marketing channels. Finding the right channel is key to developing a marketing strategy. By following this simple checklist, you can ensure that you have considered all of your options. There are five main steps to creating a strategy that pays off.
- Evaluate Multiple Customer Acquisition Channels
- Develop a Customer Acquisition Strategy
- Perform Market Research Analysis
- Keep Track of Your Customers
- Determine the Cost to Acquire a Customer
Use the following checklist to start boosting your sales. Learn how to get a customer through market research and by utilizing various customer acquisition channels.
Step 1: Evaluate Multiple Customer Acquisition Channels
The first item on your checklist is evaluating the customer acquisition channels that will best help promote your business. There are many different channels of marketing to consider. This includes the following channels that you may want to add to your customer acquisition plan:
- Targeting blogs
- Press release and publicity
- Search engine marketing
- Search engine optimization
- Social advertising
- Offline advertising
- Email marketing
- Content marketing
- Viral marketing
This is not a complete list of marketing channels, but it does cover some of the most effective marketing solutions. Your overall plan should include several different channels. Though, depending on the size of your business, you may not want to spread your marketing efforts too thin. For smaller businesses and startups, you should choose two or three areas to focus your attention.
Learn more about each of the customer acquisition channels listed. Some of these methods are incredibly cost-effective while others will require a larger monetary commitment. For example, you can expect to pay several thousand dollars for most forms of offline advertising.
Each of these marketing channels has their own advantages and disadvantages. Before moving on to the other stages of the checklist here is a quick look at each of these customer acquisition channels:
1. Targeting Blogs
Targeting blogs refer to finding blogs that your target customers frequent. You can either advertise directly on these blogs or become active in their online community.
2. Press Releases and Publicity
Press releases can help promote your business and build backlinks to your website. Press releases are effective as they are presented by a third-party, instead of being directly posted on your website. This adds credibility to the content of the press release.
3. Search Engine Marketing
Search engine marketing includes pay-per-click advertising on search engines. This remains one of the most effective ways to market a business. Though, conversion rates can be lower than the other methods listed.
4. Search Engine Optimization
Search engine optimization (SEO) can help you attract organic traffic. If your product or services help customers with a specific problem, then SEO can allow you to reach more customers. Generally, organic traffic should provide high conversion rates as users are already searching for help with a specific issue.
5. Social Advertising
Social advertising is another customer acquisition channel to consider. Social advertising refers to paid advertising on the top social networking websites, such as Yahoo and Twitter.
6. Offline Advertising
Traditional print media, along with radio and television ads, are not dead. You can still reach a large portion of a local demographic by using offline advertising. This is most beneficial for local businesses that are attempting to attract a local audience.
7. Email Marketing
Email marketing has evolved over the years. It is now one of the best methods for acquiring new customers. Email marketing requires additional steps, as you may need to send multiple emails and build a subscriber list. But, it can provide a higher ROI than the other channels.
8. Content Marketing
Content marketing envelopes almost all forms of marketing. Any content that offers useful information is a form of content marketing. This can include informative blog posts, useful posts on social media, and even the creation of eBooks and video tutorials.
9. Viral Marketing
Out of all the channels described, viral marketing can have the largest impact on your overall sales. Unfortunately, it is difficult to guarantee results with viral marketing. You will typically need to work with an experienced viral marketing firm in order to create effective viral content.
Step 2: Develop a Customer Acquisition Strategy
When choosing channels of marketing, you should pay attention to the steps needed to complete a sale. For example, with advertising, you will generally direct potential customers directly to your product or services page where they can complete their purchase or submit an inquiry. Other methods may require multiple steps. Email marketing can require follow-up emails and additional analysis.
As you begin developing a customer acquisition strategy, you need to focus on the various steps involved. Outline these steps to create content and advertising material accordingly. The ultimate goal of each method is to acquire a new customer.
Step 3: Perform Marketing Channel Analysis
Once you implement some of the marketing channels described above, you will need to regularly analyze the results of your marketing efforts. Use marketing channel analysis to measure the progress being made.
Use analytics software to track results. Though, you need to realize that it can take time for you to see positive results. You may have to wait up several months before you see a good return on your initial investment.
Step 4: Keep Track of Your Customers
You should also keep track of your customers with a referral tracking spreadsheet. A referral tracking spreadsheet allows you to monitor which marketing channels are delivering the largest number of customers.
You should also examine conversion rates. How many of these customers purchased an item or completed a specific action? Tracking marketing is an essential part of growing your business. Learning how to keep track of customers will help you make the most out of your marketing efforts. You can find tracking and analytics software for accurate customer tracking.
Step 5: Determine the Cost to Acquire a Customer
After performing market analysis and keeping track of your customers, you can begin to determine the cost to acquire a customer. In order to determine the cost, you will need to know how much you spent on a particular marketing channel and the number of new customers that you attracted.
Here is an example of evaluating your costs to decide if your marketing channels are providing a good return on investment. In this example, you have spent $2,000 on email marketing. You sent out 2,000 emails. 800 of these emails were opened, 400 people clicked on the link in the email, and 200 people completed a purchase.
This results in a conversion rate of 20% and a cost of $10 per customer. You then need to decide if you are satisfied paying $10 per customer. Customer acquisition costs should be low enough to justify the amount that you are spending on marketing.
Focus on Brand Recognition and Attract More Customers
This covers the basics of developing a plan for acquiring new customers. If you are not actively trying to gain new customers or clients, then your business will not be able to grow. You need to constantly look for ways to continue attracting customers. If you have not already used the customer acquisition channels listed, then now is the time to create a new marketing strategy.
In order to succeed, you need customers. Use these steps to create your own customer acquisition solution.
Author Bio – This article is a work of Sameer Panjwani, founder of Mondovo, an all-in-one digital marketing toolset for all your SEO, Social Media, and Analytics requirements.