How to Acquire New Customers? Strategies for Customer Acquisition

The Gamut of Customer Acquisition
The term "acquisition of new consumers" refers to gaining fresh clients
 Customer acquisition is the process by which a company reaches new customers and encourages them to buy its product or use its services.
1. Strangers
2. Visitors
3. Leads
4. Customers
5. Promoters

Customer Acquisition Strategies
1. Content Marketing
The main ingredient of marketing is content. eBooks, videos, guides, blog posts, etc. may be promoted via social media, email, and other channels.
When compared to other marketing methods, content marketing is 62% cheaper and generates three times the amount of leads.

2. Customer Referrals
The referral program for riders on Uber is very direct. Cash credit to use on the first ride will be provided immediately on sign-up.
If a friend signs up using your code, both you and your friend will receive cash credits as a referral reward.

3. Customer Loyalty Program
Customer loyalty programs keep the customer hooked on to the brands with good deals
Did you Know - More Than Half of Starbucks Sales Now Driven By Rewards Customers

4. Leverage Social Media
Didi You Know – 4.62 billion people in the world use social media. In fact, the average daily time spent on social media is roughly 2 hours 27 minutes.
Domino’s, in 2015, came up with an ordering system based on emoji. The Twitter-based campaign was so successful it won the year’s Cannes Titanium Grand Prix for most breakthrough idea of the year.

5. Presence on Forums
It's a significant achievement to be featured on question-based sites like Quora.

6. Giveaways
Consider offering something for free if your products aren't selling. Weekday or monthly giveaways can be more practical than giving thousands of items for free.
You have a chance to compete and win against your rivals by providing your consumers with the sense that they've accomplished something.

7. Testimonials
You may use existing clients as a resource to attract new ones.
You may persuade delighted consumers to provide you a testimonial in exchange for your service/product if they are satisfied with your work.

8. Search Engine Optimisation
With the aid of SEO, you may make your marketing efforts more efficient and improve the discoverability of your content for your audience.
The primary goal is to persuade people to click on and achieve high ranks in search engine results pages (SERPs).

Strategies
• Include your primary keyword/phrase in the title
• Add related alt text to your images
• Link internally within your site
• Upload video and audio transcripts

9. Influencers
Influencers are trusted by customers; thus need to be a part of your customer acquisition strategy
Apple and Kim Kardashian announced their first collaboration; launching the Beats Fit Pro wireless earbuds in nude-toned shades.

10. Push Notifications
Push notifications are pop-up messages sent to a user’s smartphone device by a mobile app that reflect even when the app isn't open in the background.
Starbucks routinely sends a special offer to its users; personalized to their name and favorite drink.

The Math behind Customer Acquisition Cost
The cost paid by businesses to acquire new customers is known as Consumer Acquisition Cost (CAC).
The sum of all expenditures associated with the acquisition is then divided by the total number of new clients acquired.
If a business spends $900,000 on sales and marketing and gains 900 new clients in one quarter, then their customer acquisition cost is $1,000.

This video is on How to Acquire New Customers and it has the following sub-topics.

Time Stamps

0:00 Introduction to Acquire New Customers
0:16 How to Acquire New Customers?
0:43 Customer Acquisition Strategies
4:42 The Math behind Customer Acquisition Cost