“It takes months to find a customer…seconds to lose one.” Vince Lombardi

Any business owner that focuses on growth and potentially scaling understands the importance of customer acquisition. Fundamentally, customer acquisition means getting new customers or converting prospects. Strategic plans should essentially explore any processes that result in successful customer acquisition and customer retention.

According to Marketing Guru Neil Patel, the cost of customer acquisition is seven times higher than customer retention. However, this is one cost that cannot be avoided. So, how can you get it right so that you lower acquisition costs, create lasting client relationships and receive adequate ROI for your acquisition efforts? Here are three tips that will help.

Create a Comprehensive Customer Profile

“When you speak to everyone, you speak to no one.” Meredith Hill 

Your largest market lies within your niche. Therefore, your target customer needs to have a highly distinct profile, broken down to the most minute detail. This will ensure that you push all your marketing information towards the right people, resulting in higher conversions. It may be tempting to reach many people to create awareness, but it is better to focus on the end game, which is conversion.

Build up Free and Inbound Acquisition Channels

Marketing costs money, and each year, these costs increase as businesses fight hard for the attention of potential customers. So, to support any paid marketing that you do, build up free channels that will add to your existing efforts. An excellent way to achieve this is by standing out as a thought leader in your field by marketing exciting, new, and relevant content that engages your target audience.

Avenues to explore for content marketing include blogging, checklists, eBooks, video guides, emails, and social media posts.

Clearly Define Your Acquisition Costs

Establish a formula that works for your business that outlines how much it will cost you to bring in a new customer. This cost may be influenced by marketing, advertising, or specific campaigns and should be considered for a fixed period. This calculation can be taken a step further by considering the spend of the new customer and whether it will deliver the threshold ROI.

To minimize your acquisition costs, evaluate your customer journey to determine where the process can be quickened. Alternatively, you can create plans that drive your existing customers to increase the amount that they spend.

Remember, every business is unique and requires a customized customer acquisition plan. Use these tips to create a plan that works well  for your business.

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