Customer acquisition is one of the most crucial contributors to success for SMEs. Companies that seek disruptive growth must develop a customer acquisition strategy that is able to achieve maximum ROI. Especially when you are an SME who is fighting the market share war with many of the industry bigger boys; expanding your customer base while keeping the customer acquisition cost as low as possible should be a top priority.
Find the right target audience
Target audience is a group of people who have similar characteristics, that you want to reach out to and may have the highest likelihood to convert to customers. While this group of people have their similarities, within themselves, they can be further segmented to different groups according to demographics and psychographics factors. These smaller segments can then be used to help tailor your marketing efforts, micro personalise your messages and improve marketing-spend efficiency.
Target audience selection are usually focused around fastest to convert customer segments. While this does not mean that other segments does not matter to your business, and as tempting as it sounds to achieve wide reach and conduct mass marketing strategies, it is important for an entrepreneur at its early stage to remind themselves that increasing customer acquisition for as low of a cost as possible would ensure cash flow health and stability.
So how do you acquire more customers? The first thing you should have in mind is a clear idea of their demographics such as who they are, where they live, what they do for a living and possibly psychographic factor like hobbies, values, pain points and more. All these factors combined will help project a clear picture of your buyer persona.
Find out how you can better define your target audience? Read more here.
Reaching your audiences?
After answering the “who” question, the next focus should be on the “where” – where should you be present to best reach out to your target audiences? Finding out which touch points to invest in for your marketing efforts for maximum engagement ensures a cost-effective way to convey your brand messages without wasting your business resources.
One big mistake businesses make when choosing touch point channels is that they usually forget their offline presence. While digital marketing is taking the lead in most marketing strategies, we must remember that it takes at least 7 times of coming across your offer before a customer converts, and more importantly, that your audiences do not only exist in the virtual world but live in the real world as well. As such, the best way for businesses to win new customers, sustain strong customer relationships and even to win back the disengaged ones would be to focus your marketing efforts in both online and offline channels to strengthen presence and conviction.
Content is king
Along with the fast paced development of marketing these days, customers have also become more demanding when searching for product information. Think of it as being on a first date, and content in marketing as the first impression you want to leave. If you fail to impress on the first date , chances are the second one would be hard to come by .
Content marketing is a powerful tool that brands can use to communicate, attract and engage customers throughout the entire buyer journey. In this highly competitive world, the best way to win customers does not necessarily lie in the quantity of marketing content, but rather in the relevance and quality of them to your audience.
Understanding what your customers are thinking and how they behave across the entire buyer journey will help you create different types of segment relevant content for different groups of audiences. Consumers of today want to engage with brands on their own terms, and that is the reason why you should try to make it easier for them.
Search Engine Optimization
Creating quality content would be nothing if you fail to improve your ranking on the search engine and improve the organic exposure to your audience. Working on search engine optimization, or SEO in short is a long journey that will time and effort. If you are a business in the early stage, focusing on long-tailed keywords would be more ideal. They are most cost effective and easier to upkeep.
Customer acquisition cost (CAC) matters
For companies with limited resources and struggling to scale up, growing a big customer base would mean nothing if the customer acquisition cost is too high to bear. In the end, it will be a strain on the cash flow and could impact your profit.
The approach should be to focus on channels that allows you to not only be targeted but also able to scale. Measurability is important, as with A/B testing, so that you can have a clearer idea on the most cost effective and impactful activities. Marketing channels like Airvert which focuses on innovation by redefining the way OOH advertising is done will help you with measurability and affordability. The key is to keep looking for ways to better your marketing and at times take some calculated risk to try new channels.