NEW CUSTOMER ACQUISITION

Sometimes firms get sidetracked with the overwhelmingly large field of marketing and forget their marketing should be focused on “growth” orientated activities. Getting new customers while retaining the ones you currently have is the most certain pathway for a firm’s growth. Having a new customer acquisition strategy in place no matter where you are at in your product life-cycle is something that the most successful firms have in place. This is practiced in coordination with a solid customer retention strategy.

Locating the Right Channels where New Customers Exist

Locating where your customers are is the first step of establishing a strategy. Companies that don’t have historical data must spend time understanding where their target market spend their time. Also a major consideration is, at what stage the customer is in their purchasing decision. Once you have selected the correct channels that meet your budget then testing begins to establish which channels work the best and what approaches are best at attracting customers.

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EXAMPLES OF NEW CUSTOMER ACQUISITION STRATEGY IN PLAY

Selecting the right promotional tactics

There are an overwhelming amount of marketing strategies available to marketers today. Not all are appropriate for targeting new customers. Consider using an experienced marketing manager to help you write a marketing plan that takes into account your market’s unique characteristics, market conditions and your budget. Here are a few examples of new customer acquisition promotional strategies:

Coupons

If used sparingly coupons can be an effective promotional tool to incentivize purchases from new customers. Coupons are widely used by retailers as well as manufacturers but also can be seen in professional services. Coupons generally include a unique mix of an expiration date, discount code or rebate specific to the offer.

Direct Mail

Direct mail is a marketing method in which a company sends directly advertising material to targeted prospects. Usually the marketing entity can buy or rent a list from a broker who makes sure that the list is current. Prospects can be targeted from large inventory of names and addresses, divided into categories and sub-categories based on demographic information (chosen on the basis of age, income, location, profession, buying pattern, etc).

Referral Program

A referral is like a recommendation from an existing customer or business. Setting up a network of referrers can pay off as referrals are a nod of approval from the referrer. Networking with your existing customers and like-minded organizations serves as a great way to source new business. Incentivizing and trading referrals is one method at getting your program to gain momentum.

Print Advertising

Print ads use a combination of photographs, illustrations, and copy which are printed on a number of different mediums. The most successful print ad campaigns leverage strong branding in the advertisement. They also use quality design where the goal is to gain attention, develop interest, create desire with a strong call to action in place.

Rich Media

While traditional print ads sell with words and pictures, Rich Media ads offer more ways to involve an audience with an ad. Some examples of rich media advertising include: Video Advertising, SMS Text Advertising and Sponsored Apps.

Flyer and Poster Campaigns

Posters and flyers can be displayed almost anywhere. However, places where you have a “captive audience” are the best places to run this kind of campaign. These places will generally charge a fee to display your poster or flyer in a designated area.

Local Search Strategy

Local search strategy is a form of search engine optimization for your website, where a business capitalizes on top rankings in order to leverage traffic and inquiries. Local Search strategy focuses on local search platforms such as Google Business (formerly known as Google Places). This strategy is especially important for topping any business category in your state, town, suburb or zip code.

Interactive Events

Live interactive events (AKA webinars, interactive conferences) have had their growth in recent years and many businesses rely on this to reach new prospects. Interactive events leverage the main disadvantage of video, which is, lack of interactivity. With live interactive events you get 2-way communication which is important for learning and disseminating information to an audience.

Email Marketing

Email marketing’s is a digital form of direct marketing with the intent is to build a transaction. This is done by sending ads, coupons and requests for sales or donations. Just as late adopter marketers are beginning to adopt this marketing technique, we are seeing an exodus in email subscribers as people’s in-boxes are becoming flooded with this form of promotion. As many prospects are opting-out, marketers are turning to social media to engage followers.

New-Customer-Acquisition model of marketing

HOW WE CAN HELP YOU WITH NEW CUSTOMER ACQUISITION

Keeping a steady flow of new customers flowing in while retaining current customers is central to a firm’s growth. Having a new customer acquisition strategy in place means understanding who your market is through research. This allows you to have the right promotional tactics within the right channels with the right timing. Selecting the channels and types of promotion is an important step and should leverage the guidance of an experience marketing professional.

LEVERAGE THE HOLY GRAIL WITH YOUR NEW CUSTOMER GOALS

We are seasoned marketing consulting firm that understands the process of planning and implementing a new customer acquisition strategy. We have proven ourselves over a decade across many industries building value for our clients’ businesses, creating customer preference and improving revenue and bottom line. With experience comes a natural tendency to arrive at solutions at a much faster rate than less seasoned professionals.