As this year comes to a close, it’s crucial to have your 2020 marketing plan ready to go. Do you have your customer acquisition goals set? Customer acquisition refers to gaining new customers — this is also the biggest piece to increase revenue for your business. Customer acquisition and conversions go hand-in-hand as conversions can help lower your customer acquisition costs by getting more value from the users you already have. With the right conversion strategies, you can turn those newly acquired customers into repeat customers for your business.
Not having a customer acquisition plan for the new year could be detrimental. Planning should include looking at existing marketing tactics that can affect acquisition and retention, and enhancing those tactics to perform better in the coming year. If you’re putting the final touches on your marketing plan, make sure you have the big picture, end goal in mind rather than just focusing on the next set of tactics to use. Utilize this time to dive into these items and evaluate past and present marketing efforts.
Moving Customers Through the Funnel
Your marketing funnel stages should speak to the correct audience. If you are serving potential customers the wrong information at the wrong time, this can cause them to jump ship. When you’re creating content for your brand, you should provide the correct content for each of your your audiences. This doesn’t mean you have to write separate content for every single customer in the funnel. Rather, market your content, like eBooks, blogs, or whitepapers, effectively for the customers in each stage of the funnel. Newsletters, catered social content, and paid ads are a great way to start. If your customer is still learning about your product or service, make sure the content you’re delivering to them includes details around the brand and what you have to offer. On the flip side, if you’re targeting a repeat customer, the content might include a discount or bundle deal. If you are still seeing a drop-off, consider these top signs that you may have a problem with customer acquisition.
Creating Brand Awareness
We all know someone who consistently raves about a certain product or service. The key to any successful brand is having advocates for your service or product. Many people prefer to learn about businesses from word of mouth. Others look at online reviews to guide their purchasing decisions. No matter the tactic, such as loyalty programs or referral programs, turning consistent, repeat customers into brand advocates will assist in growing your business and is also a great way to keep the cost of acquiring new customers down.
Cost to Acquire New Customers
New customers cost money. In fact, it’s more costly to acquire new customers than it is to retain them.. If you’re unsure how much your new customer acquisition costs there’s a formula for that! DSimply divide all the costs that you spent on new customer acquisition strategy by the actual number of customers you acquired. Once you’ve done the math, make sure to include the cost for acquiring new customers in your 2020 budget.
When you know your audience well, you can utilize this to your advantage to help lower the cost of acquisition. Lowering your cost per acquisition just takes some strategizing. A few tactics you can try include optimizing your landing page, stop targeting locations that generate little-to-no sales, improve your quality score on Google, updating your ad copy, and regularly checking negative keywords. You may also want to consider using retargeting techniques. Since this potential audience has piqued interest in your brand or services, it will be easy to re-engage these users to come back to your website. Ensure you retarget this group with right content to help them move through the funnel.
Follow Your Roadmap to Safeguard
If you have seen a decline in customer acquisition but you aren’t able to pin-point the problem, our conversion audit can help you get your marketing plan in the right place. We can help build out your plan with these recommendations for maximum growth in 2020. If you’re struggling to implement these tactics, reach out to us for more information on a conversion audit – we’re ready to help.