Video transcript:
Hey,this is Joeri from Bizwebjournal and today I want to talk about 4 ways to increase your customer acquisition.
Acquiring customers is the most vital step for any business. You may have the best landing pages in the world and the best products or services out there, but if you don’t know how to get customers then it is very likely your business is not going to survive in the long run.
Successful customer acquisition begins with a solid strategy, but time and time again we see businesses skim over this step sand focus all of their attention on traffic and leads.
While traffic and leads are important, if you are not turning those leads into customers, it is not really going to help you in the bottom line.
Statistics show that only 22 percent of businesses are happy with their conversion rates, which means that most of us have a long way to go when it comes to retaining customers for the long haul.
If you are looking to gain more customers (and what business is not), we have some fool proof ways that you can get your customer acquisition strategy shifting into high gear.
By avoiding these four common mistakes, you can be well on your way to developing a solid strategy that can leave you with a constant revolving door of customers for years to come.
So are you ready? Let’s get started…
The first one is the way you treat your leads
One of the biggest mistakes we see businesses make in their customer acquisition strategy is that they treat all of their leads in the same way.
Not all leads are created equal and the minute your business can start to address this, the sooner you are going to start seeing results.
There are many different types and categories of leads. Some leads are ready to buy and some are just looking. Some may be doing research on a product and some may have just signed up to your email list to get a freebie.
There is often a huge disparity when it comes to the leads your business is attracting and in order to understand this, you have to first understand the consumer buying process.
The consumer buying process is the fundamental breakdown of why your customers are coming to your page and reading your content in the first place.
In fact, the first step of the consumer buying process is the recognition of a problem or an issue that they need solving.
Here is the consumer buying process broken down in order-
#1: Consumer identifies a problem that needs to be solved
#2: Consumer does some research (this is where they find your business)
#3: Consumer begins evaluating information
#4: Consumer begins exploring options and alternatives to those options
#5: Consumer makes a decision to purchase
#6: Consumer actually purchases
#7: Consumer makes a post purchase evaluation
All of your leads are at a different stage of this consumer buying process and by learning which leads are where, it is going to make an astounding difference to the success of your business.
According to HubSpot research, “61 percent of B2B marketers simply send all of their new sales leads directly to the sales team, but only 27 percent of these leads are actually qualified and ready to buy.”
As you can see from this statistic, it is going to be very difficult and even expensive to convince a customer to purchase if they are still in the research phase.
Instead of wasting time chasing leads that are not ready, you should focus on the leads that are and double or triple your customer acquisition rates in no time.
The second one is failing to retarget leads
Just because you don’t succeed the first time doesn’t mean you can’t try again. When it comes to gaining customers you have to be aggressive and persistent in all the right ways.
This of course doesn’t mean that you harass customers into buying your products or services, but instead it means that you don’t give up after just one try.
If your initial attempt in targeting a lead doesn’t work out, go back to the drawing board to see if you can come up with a different strategy.
By retargeting your leads you can eventually turn them into paying customers that continually come back to your business time and time again.
One of the most effective way to retarget leads is through advertising that pops up on their web search after they have visited your webpage. There are other examples of retargeting strategies as well which include-
· Creating banner ads that target leads
· Using Facebook pixels to track key actions
· Emails leads that abandoned shopping carts or didn’t follow through with a particular action
Retargeting marketing is extremely effective, not just for leads but also for existing customers as well.
In fact, research shows that the probability of selling to an existing customer again is 60 to 70 percent, so make this work for your brand by nurturing your customers as much as your leads.
The third one is don’t compromise your ROI
We have seen many businesses make the mistake of spending huge amounts of money acquiring customers, only to go out of business very quickly. This is not the path you want to go down, so having a solid budget in place is really going to help save you when it comes to the longevity of your business.
There are lead generation strategies out there for every type of business with every type budget, you may just have to get creative if your margins are a little tighter.
For example, one of the most popular ways to generate leads is to run PPC campaigns on networks like Google Adwords.
While Google Adwords is one of the most popular and premier advertising networks out there, it can be very expensive and competitive for a younger business to compete.
Instead of ditching the idea of PPC advertising altogether, consider other avenues like Bing Ads, which is not as popular and not as expensive.
It is little things like this that can pay off big time for your brand and can help you to stay on track and under budget.
The good news with this is that customer acquisition is getting cheaper and cheaper thanks to the power of social media and influencers.
There are infinite opportunities across multiple social media platforms to reach your audience. Facebook for example, allows businesses to “boost” posts starting at just as little as $1 per day.
Along with competitive advertising rates, social media platforms also offer many free ways to get exposure including shooting live videos, posting stories and uploading videos and images.
There are infinite ways that your brand can reach customers cheaply and without spending huge amounts of money, the trick is to get creative and stick within the budget that you can afford.
The fourth and last one is that you are in it for the long run
When it comes to determining whether your marketing strategy is effective or not, you have to give it time.
We see many brands get frustrated when they don’t see results straight away and this causes them to become disheartened and disillusioned with the process.
Customer acquisition strategies take time to tweak and finesse and do require a lot of patience. Often we see companies ditch strategy after strategy without really giving each the ample time they deserve to take hold.
If you have been going through multiple strategies, perhaps you may need to reconsider your approach and see if you can make tweaks rather than ditching things altogether.
This is where tracking things can be your best friend, because keeping abreast of all of your metrics can help you to decide what needs to be tweaked and what needs more time.
Here are some key metrics you can focus on that can help to point you in the right direction. These include the following-
· Bounce rates
· Average time on site
· Click through rate
By monitoring these metrics, you should be able to easily see what needs to be tweaked and what you can do to improve your performance to get more sales.
Customer acquisition is one of the most important strategies your brand will adopt. While there are many ways to generate traffic and leads, if you are not turning those leads into paying customers your entire business is going to suffer.
While all customer acquisition strategies are going to be slightly different depending on your business and branding, these are the golden rules that you need to observe and the common mistakes that you need to look out for.
That's all for now, if you are watching this on Youtube make sure to subscribe to our channel and see you in the next video
