Customer acquisition meaning
Customer acquisition meaning is to gain a consumer to purchase a product or service from your brand. You can influence a consumer to purchase your company’s product in many ways like advertisements, PR programs, loyalty programs and direct marketing etc. Customer acquisition cost means the total amount of money spent to acquire a consumer. Customer acquisition cost may vary according to the nature and situations of a business concern.
Every company that runs advertising and marketing campaigns must calculate the customer acquisition cost to know their Return on Investments. Customer acquisition cost can be calculated by dividing the total amount spent on customer acquisition by the total number of newly acquired customers within a specific time period. Much like customer acquisition costs, the lifetime value of a customer is also an important metric that needs to be considered while preparing a marketing plan. Lifetime value means the total revenue a company can possibly generate from any particular customer.
Here are some low-cost customer acquisition methods.
Google provides a new internet surfing experience and everybody depends on it for information, research and purchase decisions. Hundreds of innovating young entrepreneurs find new ways to make the Internet more users friendly. The internet has changed the daily lives of people and made them stay connected. It is hard to avoid the breath of online users for an entrepreneur looking for marketing solutions for his brand. Let us address the entrepreneurs who are trying to acquire customers at a low cost.
One of the best methods for low-cost customer acquisition is to create a simple digital marketing funnel and check the following link to know more about creating a digital marketing funnel.
Search Engine Optimization and Search engine marketing
Increase the visibility of your brand in search engines like Google, Bing and Yahoo. There are two options to showcase your products in search results (paid and organic). The paid method involves placing advertisements using various advertising platforms like Google AdWords across various websites to reach out to a targeted group of users. From the organic perspective, you can take online tutorials to learn the basic ways to improve your website’s search rankings. SEO is initially time-consuming and takes a while to yield results. But if done properly, it is the best way to bring your brand in front of your target audience at the lowest possible cost.
Today, people take purchase decisions after a detailed online search, to the extent, 55% of all the purchase decisions are directly or indirectly influenced by the internet. Social Media is one of the greatest tools for marketers to market their product and to stay connected with their audience. A brand endorsed or recommended by a friend makes its promise believable and cuts through the advertising clutter in today’s world. The rate of acquisition of customers from social media is very high when compared to the traditional advertising. The interaction with customers through social media platforms will help the brands to improve themselves by taking feedbacks. Facebook, Orkut, Twitter, Google + and LinkedIn are all excellent social media platforms and here are some tips to increase the visibility of your brand.
In Social Media, content is the king and do some research in Google and familiarize with the types of contents your targeted customers are looking for. You can go an extra mile by searching the content, which your competitors are posting.
Fix the timing of your posting in accordance with the time the target customers are active. Posting at regular intervals will increase the chances of noticing you and your brand page.
Engage with your fans
Engage with our followers by asking questions and initiate some discussions. Solve problems and respond to the queries of your target audience in a timely manner. Acknowledge the questions you are unable to answer and that will give them a feeling of being heard. Your social media account is not a sales channel so don’t try to sell all the time.
For more details about customer acquisition, meaning and methods check the following book on Amazon