Subtle Process of Customer Acquisition
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Subtle Process of Customer Acquisition
What takes a business to grow? Online presence? More sales? Or more profit? Anyway, it all comes down to one factor ― more customers!
By definition, customer acquisition is the process of acquiring new customers or converting potential leads into new customers ― in a way that is measurable, achievable and repeatable. Every business needs customers ― your idea could be utterly awesome, but if it doesn’t serve anyone, it’s practically vague!
Thus, comes customer acquisition. For an organization, be it a small-scale or a vast one, customer acquisition is essential and a significant time-consuming task. A multinational organization might have a dedicated team to handle this process; however, a company with a small team might not be at leverage to spend time. Most of the time, a gap is seen between acquisition and meeting the customers’ needs.
Let’s talk about how one can fill that gap ― with different methods and correct strategies.
Channels for acquiring new customers
Traditionally, customers were brought in using personal selling and marketing. However, a study shows that more than 50% of people agree that a close relationship is necessary to trust a brand. It brings revenue. Yet, the advancement of digital marketing and e-commerce has a massive impact on this model. Starting from an individual to an MNC, reputation and customer feedback is a must. In fact, authors Gabriel and Justin have suggested that any company must divide their time equally between customer acquisition and product development.
These are some of the popular methods and ‘easy to adapt’ channels that can help you in acquiring new customers.
Viral Marketing
A widely popular technique is viral marketing, where your existing customers and users bring more people. This strategy requires the least amount of time with a minimal investment.
- Word of Mouth – when a customer uses a product, they tell their friends about it. However, the company has no control over this, and sometimes it might have an adverse reaction.
- Virality due to usage – when you use a product, your friends start using it too. A classic example is when Facebook was inducted in 2004, only a few people joined. Gradually, people got addicted, and another social media platform, Orkut, gradually became obsolete.
- Communication and features – some applications like Skype, Slack, Microsoft Teams are preferred in organizations. Looking at their benefits, a user may start using them personally.
- Rewards and incentive programs – applications like CRED, Google Pay, American Express, have expanded their business hugely by providing referral rewards. After all, who doesn’t like freebies!
This process of marketing has seen much positive feedback; however, it has no control over customers. People might switch to another product, and you may not be in leverage as to know why. Also, many times comments and social media impacts can hugely overturn the business. For example, when WhatsApp introduced its new policies, a lot many people rethought and switched to Signal, making it one of the highest-grossing apps in the play store overnight.
That’s where ORM, aka Oral Reputation Management, and PR, aka Public Relations, comes in!
Public Relation
It is basically reaching out to your customer via newspapers, media, and blogs. When you reach a newspaper or a magazine, you use the monetary resource to let the mass know. Blogs are also a choice, but it needs time. Most of the time, positive feedback is circulated; however, you might have to use significant time and money to meet your customer expectations – since reaching out to the masses does not automatically guarantee that all the people will start using your product.
Also brilliant customer acquisition strategy https://t.co/JJzd6SSeCv
— nathan brown (@n8brown) May 11, 2021
Social media platforms, like YouTube, are heavily used today for unconventional methods. Brands take support from celebrities and popular individuals to get their business/ product reviewed. That’s where the term Influencer Marketing comes into play!
For example, YouTube channels like The Linus Tech Tips, Technical Guruji, etc., are viral channels where they review gadgets like smartphones. Based on the channels’ fan-following, you get customers without spending much time.
Search Engine and Social Media Advertisements
Search engines like Google, Bing, and Yahoo are well known and widely used. All of them provide an advertisement option where you pay to show your product at the top of the search page. Similarly, social media like YouTube, Facebook also have premium services where your products are displayed in-between videos or in the banner to the masses. Social media advertisement has seen a market growth of more than 40% in the last few years (Hoelzel 2004); obviously, the business has gained!
This has also given a boost to the Performance Marketing career. Brands pay huge amounts to experts just to maintain their ROAS!
Content Marketing and Search Engine Optimization
There was a time when Search Engine Optimization had outcasted everything ― and it still does, however, content rules!
And as I’m writing this, there will be another viral content ― in the form of photos, video or blog ― making users gaga.
55% of current marketing spend is on new customer acquisition.
— TidySurveys.com (@TidySurveys) May 14, 2021
Offline Advertisements
Hoardings, banners are not dead! They are pretty much used widely and are an efficient way of bringing customers if appropriately used. Again it’s all about what kind of content you are putting on it ― great content attracts customers and grabs attention!
Business Development and Sales
For serial entrepreneurs, nothing beats if you have a proven record! If your previous product were widely accepted, likely your new product will be too. Similarly, if your product has a good reputation in sales, it will generate qualified and close leads.
For businesses who are new in this space, if you try this channel, bear in mind that you should still be on the lookout for areas of your pipeline that are slowing down the sales process. Are there any inefficiencies or items that prospective buyers might get hung up on that you can smooth out and make the purchase decision as simple as possible? The fact that you are contacting people explicitly does not preclude you from maximizing your pipeline as well.
The bottom line
Given all the above points and channels of customer acquisition – now is the crucial time to decide which is the best one and choose your medium. The below points should clarify some doubts.
- If your product is similar to some other service in the market – use the same channel to let people know. Your competitor should have done their study, and you should minimize research and work. Precisely, understand where your competitor lacks and use it to your advantage.
- Budget is crucial; some channels cost you more! Goals are the third most priority. Do you gain by reaching out to mass? Can you handle your product if your customer increases exponentially?
- A strategy is to choose three channels and study their reach, effect, and customer growth.
What did work for your business? Share your learning with us, and we’ll be happy to share it with the masses!!
10+ Early Traction Growth Hacking Strategies For Startups!
The rise in digitization and seamless connectivity has seen a boom in business development. A news article by the Telegraph shows that in 2016 there were 80 new businesses alone in the United Kingdom! Given this sharp increase and fascination towards entrepreneurship, another report states that only 25% of a new business lasts for 15 years or more, and 20% of the new business fail within a year! Thus, it is essential to understand business or product growth hacking strategies.
There are various strategies that a company or a business might consider to scale and sustain their product. Growth Hacking strategy is a buzzword that allows a business to scale quickly ― a technique that is accepted by experimentation. The process involves all the crucial components – marketing, design and development, engineering, and, yes, data analytics.
Growth Hacking Strategies
Some elaborate strategies are mentioned, which might help your customer find a quick and cost-effective solution to find new leads and build a solid user base.
Strategies to Develop at Pre-Launch
A study by Gartner states that a company needs a lot of time and effort to build a long-lasting product and sustain future generations.
Considering every aspect, an organization must strategize clearly – what their goal is. Even before you start, your marketing strategy should be solid, and you should let the mass know about the new product.
Pre-Launch Advertisements
Why not let people know that a new product is coming? Increase the Hype? Well, building hype is excellent! For instance, a popular video game Cyberpunk 2077, made so many promotional events before the game’s launching event that it became one of the most-awaited games.
Likewise, as an entrepreneur, you can strategize to let the mass know about your product. Pre-Launch Email List is a good starting point. It allows one to reach a targeted audience and deliver the correct message.
Pre-Launch Offers and Discounts like an additional one-month free subscription! The strategy allows you to build funds for your product – even before the launch, also you know precisely how many people are waiting in line.
Strategies at Product Launch
A company needs its advertisements. Portals like Product Hunt curate the new products in technology and let the user know.
Leveraging Referral Marketing – once your product is launched, and you have some customers, let them bring you more! Sounds great! Yes, this strategy is applied for products like CRED, American Express, and Google-Pay. There are always some self-cost requirements, but it is an effective solution!
Brand Partnerships and Launch Events
A Launch Event is where you get to market your product and understand new players in the same field. Another excellent advantage is that you get to build new connections that might give you potential good leads for your product – a remarkable growth hacking strategy!
Partnership and Collaboration with well-established business are perhaps one of the best strategies. It gives a solid buzz and news coverage!
Social Media and Digital Marketing
Social media plays an important role. A tweet at the correct time can do wonders! A single tweet by Elon Musk let the dogecoin see a 2800% rise in its valuation!
Well, that was lucky! But, advertisement and building hype in the social media platforms like Facebook, Twitter can bring wonders to your products. It is a very cheap and cost-effective way to let the mass know!
The HARO Strategy
Consider Helping A Reporter Out (HARO) as a forum for displaying your skills as one of the best growth hacking tips. It is not a tool for developing your brand; instead, it is a place to read different questions from journalists that may or may not be necessary to your domain.
Yes, it will take a lot of time, but it will be well worth it if done correctly. Consider it a worthwhile venture if you can spare 30 seconds three times a day to read their newsletters.
Market Analytics
Understand various points and strategies that you have applied – and learn which activity is bringing you customers, and which is not – and Why? In short –
- How do I ensure that a transaction is credited to a user who reads material on our blog and then signs up?
- Which paid traffic sources are the most effective in terms of ROI?
- Which landing pages are converting the best for us?
- Do smartphone apps convert?
- Is there a group of users that convert well? How can we define that so that we can find more of them?
- How do I use Analytics to detect errors?
Company Profile and Reputation
Platforms like GlassDoor analyze a company’s work status based on user reviews of past and present employees. Likewise, research for a suitable venue which your competitor uses – advertise and grow your company’s image.
Build some helping guides or tutorials that will let your user know how to use your product seamlessly. Also, it brings you new customers – since by knowing what it can do, and how it can be done – I might consider using it too!
These are some of the cost-effective strategies that can help you reach out to the masses – bring you valuable customers. One must strategize and choose among these channels – a combination of this and a bit of that!
What was your surviving strategy? What did work for your business? Share your learning with us, and we’ll be happy to share it with the masses!!
Top 20 Digital Marketing Blogs to Follow in 2021
Here’s a quick, comprehensive list of top digital marketing blogs that you can consider for this year!
Nurtured by Rand Fishkin and Gillian Muessig, Moz has grown up to be the best resort for all our SEO issues. It is a ray of hope for many novices and trained professionals as one can always learn. Moz has launched many SEO tools, of which some of them are accessible to everyone. It has changed the outlook towards not so talked about SEO genre of digital marketing. The founders of Moz came up with the unique idea of Whiteboard Fridays, where their experts teach how to boost SEO strategies. The super informative, easily comprehensible and ready to apply strategies of Moz make it an integral part of all those individuals thriving to garner better SEO’s.
HUBSPOT
HubSpot is one of the famous websites that has never failed to make its place in the top 20 digital marketing blogs list. Founded in the year 2005 by Brian Halligan and Dharmesh Shah, this company has soared high on the charts of growth. It acts as a plethora of information for all those interested in marketing, customer service and sales. HubSpot is the one that successfully invented the inbound marketing technique. Its blogs are full of valuable insights for each one interested. People at HubSpot aim to deliver what is not just best for the business but also for the customers.
NEIL PATEL DIGITAL
Founded by Neil Patel himself, his blogs are of great help to each one. He has received praiseworthy words from the president of the United States, The House of Representatives, and The United Nations for his commendable work. Neil has helped renowned companies like Google and eBay to grow high. But he strongly believes that it is even more satisfying to help small businesses grow. His blogs compile a variety of knowledge that he happens to gather, mostly from his own experiences. His blogs are the perfect place to learn about email marketing and content marketing.
ECONSULTANCY
Econsultancy is a name long established in the field of digital marketing blogs. the company, which initially started as an online community, but now has grown into a renowned space for digital marketing. Its blogs feature innovative ideas to flourish businesses and aid them in making huge revenues digitally. It has a great team that works at its optimum for the benefit of its customers.
[Also Read: Growth Strategy – A Comprehensive Guide!]
UNBOUNCE
Unbounce is regarded to be the best landing page platforms for more than 15000 brands. At Unbounce, the business of conversion is highly valued. Conversion intelligence aims at pairing our knowledge with AI. In simple words, it is an amalgamation of our know-how of the business further by the machines. Blogs of Unbounce are in fluid language and mainly target the global youth.
SOCIAL SAMOSA
Social Samosa, as the name suggests, aims at helping a business expand through the roads of social media. Founded on the Indian soil in the year 2011 by Ankita Gaba and Aditya Gaba, its blogs are one of the most talked about. The blogs of social samosa review and analyze campaigns done by various brands. Their reviews help the new entrepreneurs to learn the dos and don’ts of social media campaigns. It also interviews eminent personalities from the digital world who provide us with the tips and tools of enhancing our digital marketing strategy through social media.
CAMPAIGN
Campaign is another Indian digital marketing blog that has made its place on the so-called ‘top list’. Established in the year 2007, the agenda of Campaign is to act as a powerhouse for the digital marketers. Its blogs act as a one-stop-shop for all the latest trends of digital marketing. Just like Campaign Asia, Campaign India blogs act as an authentic source for all the latest news.
CONTENT MARKETING INSTITUTE
In today’s time, when digital marketing is getting all the attention, it is very important to create resourceful and beneficial content, not just for the business but for the customers too. This is the exact idea behind the Content Marketing Institute founded by Joe Pulizzi.
Blogs of CMI are full of insights for marketers. It trains and teaches enterprises how to generate and retain customers through multichannel storytelling. CMI has a storehouse of prominent writers who provide us with tips and analysis each day. Over the period of time, it has become a go-to place for all those eager to know and learn the content marketing business.
[Also Read: 10+ Early Traction Growth Hacking Strategies For Startups!]
CONVINCE AND CONVERT
Founded by Jay Baer in 2008, Convince And Convert is the best we have in the field of Digital Marketing blogs. You got a doubt regarding your business strategies for digital marketing? You’ve got Convince And Content just a click away to walk you through. Yes, this firm has helped other enterprises to grow to their optimum. This consultancy uses in-depth research to give its users the best strategy according to their needs. This has not just restricted itself to publishing blogs, but it also includes a variety of podcasts and e-magazines.
At Convince And Convert, their blogs are lucid to comprehend, and their strategies can be readily applied in the market.
BACKLINKO
If you know Brian Dean, then there’s no need to mention what they do at Backlinko. Yes, you got that right. Fathered by the globally famous SEO expert, Backlinko emphasizes on helping marketers to grow their business and SEO strategies rapidly. His blogs are brimming with actionable tips, strategies and techniques, which brings to its readers great SEO. Without any second thoughts, Backlinko is the best digital marketing blog globally.
SOCIAL BEAT
Social Beat is one of the topmost digital marketing blogs of India, which is globally well known. Jointly co-founded by Suneil Chawla and Vikas Chawla is one of the fastest-growing digital marketing companies in India. They mainly cater to the digital marketers and CMO’s who want to make a mark in the world of digital marketing. Their blogs are something you can look up to whenever a doubt pops up in your mind concerning your digital strategies. They not just have a variety of strategies but also help you in knowing which one will work best for you.
SEARCH ENGINE WATCH
As the name hints, Search Engine Watch deals with all things related to search engines, be it SEO or Content. Its blogs act as a comprehensive guide for digital marketers as it deals in detail with SEO trends, Content and PPC marketing. It guides the owner on improving their visibility.
[Also Read: Subtle Process of Customer Acquisition]
MARKETING LAND
Marketing Land blogs is the best platform to know the latest trends and news of the digital marketing industry. They are very thorough with all the aspects of the digital marketing industry, and their blogs bring to us the ideas, knowledge and strategies they possess.
They have not restricted themselves just to digital marketing, but their blogs also deal with email marketing and many more.
SEARCH ENGINE JOURNAL
Search Engine Journal deals with the latest news and trends related to SEO, and it also provides valuable advice of the industries’ best’. Apart from being a patent SEO blog, there is much more to it. At SEJ, you get a plateful of information on Content, PPC and social media. It has the latest algorithm updates and makes sure that you use the best practice.
SEMRUSH BLOG
SEMRush is one of the best Search Engine Marketing tools available in the market. It publishes blogs that are of great importance and information. It covers a wide range of topics ranging from digital marketing strategies to how to boost your SEO.
AHREFS
The Ahrefs Blog is yet another blog that deals with tools and techniques for boosting SEO. Their content is useful for both the novices and old players of the digital market. Their blogs come in handy for everyone, and they are mostly in the forms of videos which makes it interesting for the reader turned listener.
[Also Read: What Stripe Looks For In A Product Manager?]
OCCAM’S RAZOR
Occam’s Razor is a blogging page started by Avinash Kaushik, who is a man of great knowledge and claims. He is the author of two best-selling books Web Analytics2.0 and Web Analytics An Hour A Day. His blogs are full of his experiences and what he has learned in all these years.
SEVEN FIGURE AGENCY
John Nelson is the face behind one of the fastest-growing global digital marketing blogs. His blogs are useful insights as they come with the first-hand experience. He has seen his own share of failure and very well knows what one should not do. His experiences and short videos that he makes on client case studies have proved to be efficient in helping many.
THINK WITH GOOGLE
Think With Google cannot be labelled as a blog, but the type of content it has is a must-read for all online marketers. This page has all of Google’s latest thinking and tools, which help in knowing the emerging trends.
DIGITAL VIDYA
As the name suggests, Digital Vidya is one of those few platforms which provides digital marketing courses in India. It is a go-to place for all those who are either planning to start a Facebook page or Instagram handle and garner the attention of people. Its blogs are a step-by-step guide for all digital platforms. Apart from this, it has also done case studies on industries that have helped similar industries to learn and grow.
After the vast analysis of the topmost digital marketing blogs present globally, one can remark that they teach marketing in brand new, unexplored and fresh ways – where people don’t just think restricting their knowledge to themselves, but rather, they share it with the globe and aid them in knowing what to do and what not to do.
In today’s digitalized era, if you have the determination, zeal and desire to take your business to new heights, there are people eagerly waiting to help you. And the best part is not all of these are paid, so you save a lot while you learn tons!
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