Get people talking. This is at the crux of what customer acquisition is all about and happens to be something theBLOQparq (tBp) does very well. The excitement around the up and coming micro-space complex can’t be measured; only felt. While those butterflies settle in, let’s take a moment to take a quick course in customer acquisition 101.
Customer acquisition is the most critical component of any business. When there is no demand for your service or product – there is no business. For that reason, many entrepreneurs initially operate at a loss while they work to ramp up their customer base. It’s a necessary investment that will eventually pay off. However, smart entrepreneurs like you know that running a business in the red isn’t a strategy that will work for long.
To eliminate operating at a loss, you need to understand how you are currently acquiring customers and begin evaluating ways to increase your profits while decreasing your Customer Acquisition Costs (CAC).
In simple terms, CAC is the average cost of acquiring a customer. Ready to do some math? The calculation is as follows: divide the amount of money you spend on sales and marketing by your total number of customers.
Once you’ve identified this magic number, you’ll want to find ways to improve upon your current process. It’s all about making your customer acquisition strategy more effective and efficient. When your CAC is lower, your Return On Investment (ROI) will almost always be higher.
Making a plan that serves your purpose.
Creativity meets strategy. Strategy meets creativity. These two components must work together for your business to get the best results. Creativity plays the lead role in customer engagement, but when it comes time to evaluate and crunch numbers, strategy becomes the star of the show; determine what’s working and what’s not.
The end game is not to gain followers but to attract people who will take action. People who will pay for your product or service, become loyal to your brand and promote it to those in their social network. You know what you need to make that happen, right? A solid plan, along with the discipline and dedication to see it through. Below are 5 strategies you can implement to begin improving your customer acquisition.
1. Define your target demographic.
Knowing your customer is top priority in marketing. If you don’t understand who you’re selling to, your sales tactics will not be effective. At the very least, be sure to answer the following questions:
- What problems are your customers looking to solve?
- Where do they go to seek solutions?
- Where does your product or service come into play?
It always helps to analyze any customer data you have access to, allowing you to identify your most profitable customers. Getting into the consumer’s mindset will allow you to be more efficient with the money you spend. The takeaway here – information is power.
2. Put what you know to practice.
Once you have identified who your customers are, it’s time to make your brand presence known to those people. Find ways to do more than sell. Work to engage. Create a mission; Something this group of individuals can feel good about and want to support. You can accomplish this with a mix of the following:
- Social media marketing
- Content marketing and SEO
- Email marketing
- Offline marketing
3. Assess and adjust accordingly.
While most businesses recognize the importance of customer acquisition, a lot of them overlook the value of tracking the costs or effectiveness of their approach. From Google Analytics to QR codes to A/B testing, there are many ways for you to prioritize measuring the impact of the strategies you implement.
Talking about making an impact – tBp is where it’s at.
The strategic marketing plans we have in place, impressive foot traffic, financial coaching, and networking opportunities galore – everything we do is geared toward helping your business thrive. Plug that into your CAC equation and prepare to love the results.