How do I acquire new customers cost-effectively?
Customers come to a business when they find that you are providing them with a product or service that fits their requirements. A company understands this simple fact, studies the customer requirement, and creates a product that fulfills customer needs. The business offers the customer a product that is reliable and at a competitive price point. The company further ensures that post the sale of the product, it stays in touch with the customer and provides after-sales service to their satisfaction.
What I have described above is a simplified version of a business strategy. It is the foundation of customer acquisition. It is an outcome of studying, analyzing, testing, and implementing a product or service.
A product or service is offered using a delivery model, also called the business model. A business should select, test, and implement a business model before finalizing. Business models can be digital, traditional, or a mix of the two.
The next stage of customer acquisition is marketing the product or service. Based on my experience working on enterprises’ business growth, the most marketing effort is unpaid. It is directed towards making your target market segment aware of your existence, the product or service you offer, where and how you offer it and communicating your brand value and culture. Customers buy from an enterprise with compatible values, culture, and ethics.
Finally, the enterprise uses paid marketing channels and methods to reach customers. The channel choice, digital or otherwise, is aimed at moving a customer down the marketing funnel that starts from product awareness to consideration and finally to purchasing the product. Customers are happy with the product and get the required post-sale attention and service to stick with the brand.
To summarize, customer acquisition is a process. A major part of this process is unpaid. Cost-effective customer acquisition requires a sound business strategy, a business model, and an appropriate marketing model.
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