Get to Know Customer Acquisition to Reach New Markets and Increase Profits
Business will not grow and profit without new consumers. Therefore, customer acquisition is one strategy to ensure that your business can attract new consumers and its development is stable.
Customer acquisition is a science that will help you understand how people find a brand or product and why they want to buy or use it.
By knowing this science, you can build an optimal customer journey and increase revenue.
Through this article, we will guide you to understand more about customer acquisition from the stages, goals, to various strategies that can be used.
What is Customer Acquisition?
Customer acquisition is a process to attract attention, interact, and convert prospects or potential consumers into loyal consumers, reported by Hotjar. The goal is of course to expand the business market and increase revenue.
However, customer acquisition will not just happen, there is a customer journey or stages that must be formed, to ensure that consumers decide to buy and use your product.
Customer acquisition stages
Awareness
At this stage, potential consumers are aware and know the existence of your brand. They find it on e-commerce, social media, offline stores, and are even told by people around them.
Interest or attraction
After knowing about the brand, there will be an interest in knowing and getting to know more about your product or business. They may read the label on the back of the product packaging to reading information related to the product on social media or the company website.
Consideration
At this stage, potential consumers have turned into leads for your business. They have started to consider buying and using your product.
Intent
After knowing the benefits of your product and the considerations that have been made, they will intend to buy your product. For example, they will put your product in the shopping cart.
Purchase
The last is the purchase stage, where they have become your consumers. They are ready to use your product.
Customer Acquisition Objectives
Some of the objectives of customer acquisition are:
- Developing a business by expanding the market, types of consumers, and increasing brand awareness.
- Increasing income to balance expenses or production costs, paying employees, and reinvesting in the company.
- Becoming proof of the appeal of the product, stable development in the business, and success, to be shown to investors or other external parties.
Customer Acquisition Examples
According to Amazon Ads, here are some examples of successful customer acquisition cases:
Juna (health)
With such fierce competition in health products, Juna implemented a customer acquisition strategy to increase sales and awareness of their brand.
So, to be able to compete with bigger brands, Juna also focused their marketing strategy on one main product, or so-called hero product.
Detox Drop is the hero product that they push in their advertising and promotional strategies. By prioritizing the health benefits of digestion, energy, and fitness, the message they convey attracts many new consumers.
In one year, the hero product managed to increase their sales by 300% (including other products).
LG (electronics)
LG is trying to target a new market, namely in Italy. The South Korean electronics company is trying a multi-solution, full-funnel strategy, where they market their latest OLED TV products on various channels such as Twitch and Prime Video.
On Twitch, LG collaborates with several well-known streamers to promote their OLED TV technology. In broadcasts on streamers, the OLED TV is marketed as a TV that supports the best gaming experience.
Meanwhile, on Prime Video, LG is targeting football fans. They market OLED TV as the best TV for watching football matches with smooth picture quality and movement.
As a result, LG managed to generate more than 2 million impressions on each channel.
Whiskas (cat food)
Whiskas is one of the well-known cat food product brands. However, because the competition in this industry is getting tighter, they have to think hard to ensure that their product remains number one.
So, they market the same product, but with a narrative of increasing food quality. They also create video ads to explain what new nutrients cats can get.
With this promotion, they managed to increase sales by 303% in four months.
Customer Acquisition Strategy
Here are some strategies you can try to do customer acquisition, quoted from Zendesk.
- Optimize the main business site to ensure consumers can navigate it well, plus it is easy to recognize and buy products.
- Improve the mobile display on your business site or application, with the aim that consumers can find, recognize, and buy products easily.
- Utilize AI to reach consumers, for example, like a chatbot that greets consumers when they first enter the product site.
- The sales team must know the consumer to ensure that they understand the conditions and complaints of existing consumers and find solutions that can be used to market products to potential consumers.
- Support with effective marketing strategies, such as conducting webinars, events with loyal customers, to social media promotions.
- Prioritize a pleasant experience, for example, ease of shopping, personal service when shopping in stores, to promotions for loyal customers.
Channels for implementing customer acquisition strategies
- Social media
- Email marketing
- Ads
- Blog
- Offline and online events
- Customer service
- Sales calls
It can be concluded that customer acquisition is a strategy to reach more consumers and ensure that the business grows steadily over time. Without new consumers, the business cannot grow according to plan.
If you want to learn how to do customer acquisition and increase customer satisfaction, register for the Customer Satisfaction Relationship short program from Prasmul-Eli.
You will get knowledge and best practices directly from professionals and industry experts. Click here to register and join the program!
