Growth is an important part of a healthy brand so a customer acquisition strategy is a tool that can help a brand to acquire new customers and increase brand awareness.
By having lots of new customers and keeping your old ones happy, you will have a lot of income and profit for your business. Let's look at strategies, processes and ways of customer acquisition.
What is a Customer Acquisition Strategy?
A Customer Acquisition Strategy is a formula you can use to achieve your e-commerce goals. This strategy will give you the tools to understand how to get more customers for your e-commerce business.
A good customer acquisition strategy is constantly evolving, it's based on data that can help you better understand your customers and prospects, from their age and gender to how they spend their money.
Customer acquisition is an important part of your customer acquisition strategy, the goal is to drive customers to your website, from there you can use inbound marketing to close sales. There are four main factors of the Customer Acquisition Strategy (CAS), which can give your business a competitive advantage in the marketplace.
- Retention
Retaining existing customers is an important part of any CAS. This can be done by ensuring that you meet the needs of the customer. Providing excellent service will not only ensure repeat purchases but will also encourage recommendations and referrals.
- Cross-sells and Upsells
Customers who have made more than one purchase from your store are more likely to spend more on subsequent visits than those who have only made one purchase. You can encourage cross-sell by offering a product that complements the initial purchase, or up-selling by offering a higher or deluxe version of the product purchased.
- Frequency
Your goal should be to make the store accessible to customers and increase the frequency with which they visit. This can be done by providing them with high-quality content that is interesting, relevant and valuable to them, as well as direct communication with customers to let them know about new products or services.
- External marketing and sales
External marketing comprises all forms of out-of-store marketing, including public information, promotion through social media and targeted campaigns. By doing this activity, you will gain visibility and recognition in the market and ensure maximum impact on customer perception of how your brand stands out from the rest.
Effective Customer Acquisition Strategy to Grow Business
You need an effective strategy to be able to develop a reliable business potential. For this reason, the acquisition strategy can be adapted from several other strategies that have already been adapted as popular strategies for developing a brand's business, including the following.
1. Identifying the Target Audience
You can identify who belongs to the target audience in your marketing and sales efforts to be more effective and can generate better profits in the growth of your business. Then, decide what you are going to sell and envision your ideal customer.
2. Using the Appropriate Acquisition Channel
You need to understand which channels are suitable for your business, how they relate to each other and which ones will provide the best results. Going online is a fantastic way to get customers at an economical price. Online is a good choice to promote public awareness of your brand.
3. Create and Promote Video Content
Content videos are one of the most popular things that people share and watch today. In today's digital marketing world, creating and promoting video content is one of the most important ways to reach your target audience.
4. Offer Free Trial
A free trial offer is an indirect way of forcing potential customers to experience the products you offer. It also helps them know more about your product and can be a way to create leads for the brand.
5. Focus on Creating Quality Content
Writing articles or blogs should not be too long and use common terms so that it attracts people to read which makes them stay longer on your site.
6. Focus on Search Engine Optimization (SEO)
SEO involves creating and distributing content that helps your site appear at the top of search engine results like Google or Yahoo. SEO helps you get more targeted visitors so you know they are there looking for what you have to offer. SEO can also help put your website on the first page of search engine results.
7. Running Affiliate Program
Affiliate programs are one of the conventional methods of doing online marketing. This will help your company attract new business by placing banners, buttons and links on your website or social media so that your business can gain new customers.
8. Optimizing Website for Better Experience
By optimizing a website, it will be easier for people to find what they are looking for on your site. This way, more people will stick around and check more than one page. You will also have a better time using social media services.
To carry out the customer acquisition process, and can provide confidence in choosing the right channel and investing according to the business model. You can also apply some effective ways to improve your customer acquisition strategy.
- Flexibility
Flexibility is meant to be flexible in changing your marketing message and how to adapt to various existing channels. The basic framework for exercising flexibility is figuring out what you want to do with marketing, creating an attention-grabbing marketing message, creating ads that convey your message, running ads on the best channels, and monitoring and focusing on the most successful channels.
- Sustainability
Sustainability or sustainability here is intended to continuously get new customers. The expansion of most businesses depends on acquiring new customers through marketing.
- Target Market
Looking for specific, detailed, and appropriate demographics for your business target market that has never been the target of other companies or startups.
- Diversification approach
After you've brainstormed a list of examples of solid customer acquisition strategies, the next step is to decide which ones will work for your business. Generally, you should mix and match different types of customer acquisition strategies to break into existing markets and become a standout business or brand.
By implementing the right customer acquisition strategy, your business will not only get bigger profits, but also have a good and trusted image from new customers as well as existing customers.
Analytical thinking ability is a crucial skill for you to have in the world of work.
Starting from the time of looking for a job or being a job seeker, including analytical skills can be a value in itself for you.
This ability is included in soft skills that can be obtained and developed from diverse experiences and self-reflection on work.
Having analytical thinking skills in the world of work will certainly provide benefits and help you achieve your professional goals better.
What exactly is analytical thinking and how to improve this ability? In this article, we will explain the definition of analytical thinking, the benefits it provides, and how to improve it.
Definition of Analytical Thinking
Quoted by Indeed, analytical skills are abilities that enable you to observe, research and interpret a subject to develop complex ideas and solutions.
Meanwhile, what is meant by analytical thinking is when you use these abilities simultaneously to get something done.
There are lots of jobs that require you to be able to think analytically. Not only professional, this ability will also be profitable to use in personal life.
You also can't just get analytical thinking skills. It takes trial and error and a long process before you can finally provide a solution to a particular problem.
Through experience and trial and error, those of you who have analytical thinking are people who can quickly analyze situations, topics and problems that generally occur in the world of work.
That's why having this ability will help you achieve the main goal in every job you do.
Benefits of Analytical Thinking
Analytical thinking skills will be very useful for data management and the IT field, but actually analytical skills are very valuable in various types of industries and career levels.
When you become a job seeker and have strong analytical thinking skills, companies will be more interested because these abilities have the potential to improve company operations.
The following are some of the benefits of analytical thinking:
- help perform complex tasks more effectively;
- solve complex problems in a more systematic way;
- anticipate problems and be able to plan their solutions;
- makes it easier for you to find alternatives or solution options when facing problems;
- assist in making data-based or data-based policies and decisions; And
- identify problems and resolve them effectively.
How Analytical Thinking Works
An important element in analytical thinking is the ability to identify the causes and impacts of a problem.
In a work context, when facing a problem, to apply analytical thinking, you need to first know the cause of the problem. The process for applying analytical skills is as follows:
- Identify existing topics, problems and issues.
- Gather information through tests and observations.
- Develop solutions or deepen understanding of existing topics.
- Try new solutions and ideas that have been learned.
- Review what solutions might work to assess and apply new knowledge.
How to Improve Analytical Thinking
There are several effective ways or methods to improve your analytical thinking skills. Here's how to improve it:
1. Read a Book or Play Brain Games
An important part of becoming someone who has analytical thinking is reading lots of books. Reading in your daily life will keep your mind going and force your brain to think about ideas.
Apart from that, reading can also provide a different perspective and thus broaden your way of thinking.
If you have difficulty reading these important books straight away, you can also start by playing games that train your brain.
Brain games will make you think deeper and prioritize logic. Many use this method of playing games to sharpen analytical skills.
2. Learn New Things
Continuing to learn and gain new knowledge can improve your analytical thinking skills and processes.
The more you learn, the more options and information you have in solving problems and analyzing situations.
It cannot be denied that after completing formal school/college, many people tend to become passive learners. That's why it's important to keep learning new things.
This will make you more motivated and increase knowledge that you did not know before.
3. Pay attention to details
Being more attentive to your surroundings and paying attention to details is a way to further improve your analytical thinking. Try to pay attention to the details of what is happening around you and practice being a good observer. This will help you be more sensitive in analyzing the situation.
4. Take Special Classes/Training
You can also gain knowledge and insight about analytical thinking through classes or training. Currently, of course, there are many webinars that provide learning topics related to analytical thinking and other soft skills that may be needed in the world of work.
5. Don't be afraid to ask questions
Whether during training or within the scope of work, not being afraid to ask questions and asking for mentoring from superiors or speakers is something you can do to improve this ability.
Showing what you want to know with questions will add perspective and confirm your understanding.
6. Create a framework for thinking
Analytical thinking focuses on solving problems systematically. That's why if you're still having trouble, you can create a framework for thinking.
The thinking framework aims to make it easier for you to map problems and find solutions to existing problems.
That's an explanation of analytical thinking. Apart from the ability to think analytically, at work it is also important to have a way of thinking that combines analytical thinking and more intuitive thinking such as design thinking.
The combination of the two can produce solutions as well as opportunities for more creativity and innovative ideas. You can take part in the Design Thinking for Business Innovation program to learn more about the right way of thinking in business.
What are you waiting for? Register for the Design Thinking for Business Innovation class at prasmul-eli now!
In business, the terms B2B and B2C are often used and associated with each other, although they have quite significant differences.
B2B, which means business-to-business, and B2C, which means business-to-consumer, have basic differences in terms of transactions carried out in running a business.
Understanding the differences between these two types of business will help understand and improve your business strategy. The following is a complete article about the differences between B2B and B2C.
Understanding B2B (Business-to-business)
Quoting HubSpot, B2B or business-to-business is a business where the consumers/users are other businesses. That is why, marketing carried out by B2B is aimed at consumers who buy on behalf of a particular organization or business according to the needs, interests and constraints of that organization.
In simpler terms, B2B is a business whose consumers are organizations and other business companies. B2B relationships are commercial relationships that are mutually beneficial and mutually contribute to the success of each party involved.
Some examples from B2B, namely:
- Company A needs software to help with the hiring process for the HR department.
- Interior design agency that specializes in designing office spaces.
- Use of marketing software for content strategy, SEO, and social media for the marketing department.
- A company that offers banking software and cloud services for banks and financial institutions.
Understanding B2C (Business-to-consumer)
B2C or business-to-consumer is a business where the consumers are individual consumers and not professional buyers.
Marketing carried out in B2C businesses is tailored to the needs, interests and challenges that many people face in their daily lives.
So, in B2C business, the end user or final user of a company's product/service is the individual consumer. B2C sales can also be done both online and offline.
One of the challenges in B2C businesses is that they require a special budget for marketing because they have to create good brand recognition to be able to grow and form a customer base. Some B2C examples, namely:
- A real estate agency that rents and sells homes to individuals and families.
- A music platform that sells premium features to its users individually.
6 Basic Differences between B2B and B2C
To form optimal strategic management, know the 7 basic differences between B2B and B2C below:
1. Offer
Quoting from Wall Street Mojo, the offers provided by B2B and B2C have significant differences. Of course, because they have different target audiences, what these two types of businesses offer will be different.
B2B offerings pay more attention to other business needs such as production materials, manufacturing materials, production components and others. Meanwhile, B2C offers ready-made products that are ready to use for consumers who buy them individually.
2. Goals
As understood, the aim of a B2B type of business is to provide for the needs of other organizations or companies that are still connected to the products and services they offer.
Meanwhile, for the B2C type of business, the business goal is to provide products and services that will meet the needs and desires of many individuals.
3. Focus
When carrying out transactions in B2B types of business, the focus is to form a long-term cooperative relationship between the service/product provider and the organization/company that uses it. In B2B, this approach focuses more on business relationships.
For B2C business focus, because the end user is an individual consumer, the main focus is brand recognition to form a strong customer base.
4. Business Size
Because it provides production materials and services for certain companies, it is certain that the size of the B2B business will be larger, as will the 'orders' or purchases made by consumers. For B2C itself, orders and purchases tend to be in small quantities.
5. Marketing Strategy
Forbes states that there are definitely differences in marketing strategies for B2B and B2C business types because of differences in focus and target audience.
B2B marketing will usually focus on marketing that is more long-term in nature, conveying the specialization of the products/services they offer, and the problems they solve so that they can be trusted by experts in their field.
Meanwhile, marketing strategies for B2C tend to be simpler and change more quickly. This is because their target audience is no more complex than B2B.
Unlike 'purchase' decisions in B2B which require the approval of many parties, B2C only requires the approval of the individual who needs the product/service. That way, the decision-making process will also be faster.
Marketing in B2C will prioritize content that is persuasive and shows direct benefits and ensures a satisfying consumer experience.
6. Sales Cycles
Both B2B and B2C sales have different stages, including timing and interactions that have a direct impact on the sales process.
B2B sales cycles are usually more extensive and involve a lot of effort such as networking, building good relationships with potential buyers before sales and purchases are made.
B2B buyers who are organizations/companies are also more careful so they need more information and time before making a purchase.
In contrast to B2B, B2C sales cycles tend to be simpler and do not involve many parties so purchases can be made directly. It doesn't take longer to process information.
B2C places more emphasis on brand awareness, advertising and digital marketing carried out by a business to ensure sales.
If you are managing one type of business, whether B2B or B2C, it is important to understand the differences between the two to form a more optimal strategic management.
To get a better start, you must first understand the basics of B2B and B2C before implementing appropriate strategic and marketing management.
Interested in exploring both? You can start by taking part in the Managing Strategic B2B Account program from the Prasetiya Mulya Executive Learning Institute.
From basic understanding, the differences between B2B and B2C, market mapping, targeting, to the role of branding in both businesses, you will get a comprehensive understanding.
Register for the program now!
Get to know the SMART method, here are the advantages and examples!
The SMART method is a popular and quite effective approach in formulating more specific goals.
In business, having goals is the most important part. For this reason, you must know about this method so that business goals become clearer and measurable.
By implementing it, every plan that is built has directed steps, so that the goals will be easier to achieve.
Simply put, this approach makes project management easier. To learn more about what the SMART method is, its advantages, and examples of how to apply it, see the following review.
Understanding the SMART Method
The SMART method was first introduced by George T. Doran in his journal. The title is “There's a S.M.A.R.T. Way to Write Management's Goals and Objectives”. In the journal, he said that goals must be made clear, detailed, and not floating around.
For this reason, SMART is an acronym for Specific, Measurable, Achievable, Realistic, and Timely. All of these criteria combine to help focus your efforts and increase your chances of achieving your goals.
By following SMART principles, companies and individuals can create more focused plans, increase productivity and optimize the use of resources.
In more detail, you can learn SMART as follows:
Specific
As the name suggests, goals must be made specifically so they don't float away. When the goals are specific, it is easier to focus efforts and allocate resources effectively.
For example, specific goals can help answer your core questions such as:
What is the aim of this project?
Why is such a method used?
Who is responsible for the project?
Where is the project location taking place?
What requirements and requirements are needed for the project to run?
Measurable (Measurable)
Measure means measurable, where the goal must be measurable in each process clearly.
With this concept, it will be easier for you to monitor whether the goal has been achieved or not.
Apart from that, measuring goals also makes it easier to develop strategies to achieve existing targets.
To make goals measurable, ask yourself these things:
How much does it cost?
How much time will it take?
How do you know if it's finished or not?
Achievable (Can be achieved)
A goal is made to be achieved. Therefore, this goal must be achievable.
However, to make it easier to achieve you have to define it well enough to actually achieve it. Try asking yourself these questions to find out.
How can this goal be achieved?
Are the goals realistic and affordable?
Realistic (Realistic)
The goals you set must be realistic. This means that even with obstacles you can achieve them with existing resources. For this reason, before deciding, you can ask yourself this:
Are the goals realistic and achievable?
Is the goal achievable, given the time and resources available?
How committed are you to achieving your goals?
Does this seem useful?
Is this the right time to implement these goals?
Does it suit your efforts and needs?
Timely - Timely
The goals you create should be time-bound because they have start and finish dates. If you don't set a time limit, of course there will be no urgency and motivation to achieve the goal. To make your goals come true on time, you can ask yourself these things:
When?
What should I do in three months?
What should I do per week?
What can I do today?
Advantages and Examples of Application of the SMART Method
Apart from knowing what the SMART method is, it is important for you to also understand the advantages of each element.
This aims to be able to formulate goals more effectively, leading to results that are more measurable, achievable and relevant.
Here are some advantages of using the SMART method:
Helps stay on target
The SMART method brings clarity and focus to goal setting. By setting specific, measurable, and targeted goals, individuals or teams can better identify their priorities.
For example, a company sets a goal of increasing market share by 15 percent in six months. They diversify their products to focus on marketing and product development strategies that support goal achievement.
By avoiding ambiguous goals, this method ensures that resources and efforts are directed to the most strategic areas.
Structured planning
The SMART method encourages structured and detailed planning. Each element of SMART requires in-depth thinking about the steps necessary to achieve the goal.
For example, to increase sales of a new product, structured planning involves market research, marketing strategy, sales team training, and regular evaluation. Good planning helps prevent confusion or strategic mistakes, optimizes the use of resources and increases the chances of success.
Faster identification of missed targets
The time element in the SMART method provides a clear time basis. This helps detect targets that might otherwise be missed.
For example, if a project must be completed in three months, a clear deadline allows the team to continuously monitor progress on that target.
With this process, the team can later identify potential obstacles or delays and take corrective action before it is too late.
It's easier to visualize what you want
The SMART method creates a clear and accessible picture of the goals to be achieved.
The involvement of specific, measurable and targeted elements helps in easier visualization.
For example, to achieve work-life balance, analyzing the definition of “balance” in detail can help plan the necessary positive steps.
Clear visualization will also help motivate you or your team by providing a clear view of the desired end result.
Make big goals easy to achieve
The SMART method presents a gradual approach to achieving big goals.
By breaking down big goals into smaller, measurable subgoals, feelings of overwhelm can be minimized.
For example, if the long-term goal includes developing a revolutionary product, the steps might include research, concept testing and feedback.
This approach ensures steady progress, prevents frustration and increases motivation to achieve the final goal.
Targets can be completed one by one
Focusing on achievable goals helps prevent feelings of overwhelm and disappointment.
By breaking down goals into smaller, measurable steps, individuals or teams can celebrate incremental achievements.
For example, if the goal is to expand market share, you can start by engaging in marketing strategies that are more focused on the target segment.
Success in achieving these small steps increases self-confidence and maintains enthusiasm to achieve the final goal.
That is the meaning of the SMART method and its advantages as well as examples that you can find out about.
Overall, this method increases the effectiveness of goal setting by providing a structured approach that emphasizes clarity, accountability, and motivation.
Ultimately, the use of the SMART method will lead to increased success in achieving the desired results.
Next, you can improve your problem solving and decision making skills to overcome challenges and make more effective decisions. You can take part in the short Problem Solving & Decision Making program from Prasmul Eli.
Over three days, you will gain skills through learning that includes:
Identify problems in a measurable manner and have a sense of urgency/importance
Determining improvement targets using the SMART principle
Identify the root of the problem with 5 WHY analysis
Fishbone and Pareto
Development of creative solutions with SCAMPER
Selection of alternative solutions using a decision matrix
Identify potential problems and mitigate risks
Implementation plan with Gantt chart
Control monitoring, Completed
Interesting right? What are you waiting for, register yourself here now!
