We all need to focus on retaining new customers to grow our business. So how do you go about acquiring profitable new customers? And where do you find them?
Not all consumers are created equal. Some are willing to pay a premium for your service and are more apt to become loyal customers. Others could care less about your brand and are simply shopping for the lowest price possible before they move on to the next company.
So how do you create loyal customers and avoid becoming the One Night Brand?
We all need to focus on retaining new customers to grow our business. So how do you go about acquiring profitable new customers? And where do you find them?
Not all consumers are created equal. Some are willing to pay a premium for your service and are more apt to become loyal customers. Others could care less about your brand and are simply shopping for the lowest price possible before they move on to the next company.
So how do you create loyal customers and avoid becoming the One Night Brand?
Clone Your “Best Customer Profile”
Perhaps one of the most powerful ways to boost your acquisition strategies is by establishing a “Best Customer Profile”. Begin by analyzing your marketing database to find key characteristics of your most profitable customers. Consider a wide range of characteristics, such as demographics, interests, behaviors, lifestyle, and channel use. By establishing a profile of your best customer, you can apply the same characteristics to create a best prospect profile.
“Your future prospects resemble your best customers, and that’s the place you should start.” – Holger Schulze, vice president of eG Innovations
Acquisition Channels
Reaching potential customers can span any number of channels. The ideal channels will vary depending on the profile of your prospects. Once you have identified your ideal customer profile, you will be able to determine the best acquisition channels to reach your target audience. For example, are they a younger demographic who flock to social media and mobile? Or are they executives who read specialty industry publications?
Today’s consumers are also digitally-driven so be sure to expand your acquisition strategies to include multiple channels. Multichannel consumers spend three to four times more than single-channel customers, according to Wordstream. Research from DMA shows that the most popular digital acquisition channels are websites and email. However, this may vary based on your ideal audience so listen to your data – don’t blindly follow the channels that research tells you that you should be using.
Personalized Campaigns
Whether you are a B2B or a B2C marketer, personalized messages and campaigns are key parts of your acquisition. You are marketing to people, and you’ll get more favorable responses when you hone in on their interests or provide personalized recommendations.
Here’s a great quote by Hubspot:
“The goal of personalization isn’t to engage with one audience of many, but to engage with infinite audiences of one.”
And consider these great statistics:
- Personalized emails improve click-through by an average of 14% and conversion rates by 10%. (Aberdeen)
- Businesses personalizing web experiences are seeing an increase in sales of 19% on average (Econsultancy).
- 56% of consumers say they would be more inclined to use a retailer if it offered a good personalized experience. (O2)
Consider offering targeted discounts to potential new customers or send personalized emails to stay top of mind to your prospects, making them more likely to convert. Digital strategies and remarketing also offer an ideal way to re-engage website visitors with personalized offers and recommendations.
Successful customer acquisition requires having the right marketing data to develop your own unique mix of audiences, channels, and messaging. It can power your company’s growth with masses of loyal customers. Or for those companies who don’t get it right, risk becoming the dreadful One Night Brand.
Download, “Data-Driven Customer Experiences: The New Battleground for Winning Customer Loyalty,” to learn how to implement successful customer acquisition strategies.
