Customer acquisition is the process of converting consumer, generated by different marketing methods in to a customer. Every satisfied customer will behave like your brand ambassador.
Customer acquisition formula is the systematic way that build a strong relationship and trust of your product or service with a consumer. The base of customer acquisition formula is firm but the process can differ from business to business.
Understand your targeted audience and build magnetic product or service for them.
Put first thing first!
Understand your audience properly on the bases of who they are, from where they are and what will they buy.
Offer such magnetic freebies (lead magnets) to consumer that they can not resist to exchange their contact details with you. Lead magnets will help you to generate database of your audience.Prepare well in advance for the first step because it is the base of the whole process.
Some of the Examples
Nurturing is the process of generating interest of consumers to your products and brand. Provide them proper content (solution) through multiple channels at every step of buyer’s journey.
Understand the confusions and questions of your consumer to buy your product. Be a solution provider to all their questions. You can design autoresponders through automated e-mail system like mailchimp and aweber.
How it could be?
- Personalised welcome emails
- Educate and aware your consumers through blog post.
- Share some testimonials and success stories.
- Make them a part of party through sharing your achievements.
- Give them opportunity to get solutions from your experts.
- Make them feel happy and special.
Sending Emails every now and then is not the only solution. Try to engage them with videos and attractive graphic designs.
Some of the Examples
Effective use of tripwire marketing
Tripwire marketing is the important process to retain your customers for a long time. Tripwire will help you to generate high ROI. You can also get back lost customers with tripwire marketing.
With technology and automation tools understand interest of your consumers. Provide them low cost products or services that they can afford and they will buy easily.
When the consumers reach the 3rd step of the funnel, they get the idea of your brand and suddenly if you provide them high cost products, they will never purchase.
You should offer them cost effective products with exclusive offers. On this step business gets the golden chance to build trust with buyers.
Give them chance to understand your brand and quality. So that they will buy costly products from you.
- Provide 7 days or a month free trial in less price
- Provide 2-3 day seminars in less price
- Introductory Course offer
- Special seasonal offer
Tips: Your offer should be irresistible and low cost
Don’t bother to loss or very less profit
30% of customers who purchase your tripwire products will purchase high value products in future.
Selling Core Products
Some the Examples of core products
Core Products is your actual offering.
- Annual subscription to your online tool
- Digital Marketing Courses
- Your digital marketing services
This process is very important to get
Profit maximiser is the process of gaining maximum profit with less cost.
Profit: Money left over after all expenses
MR: MR is the Marginal Revenue described as the per-unit selling price of your product.
MC: MC is the Marginal Cost described as per-unit cost of your product.
Benefits of Profit Maximiser
- You can reinvest in your business
- You can increase personal income in the form of distribution among your employees
It is easy to make profit from existing customers rather to gain new customers. You can make profits by upsell, down sell or cross sell of your product which has higher profit margin.
Upsell: You can approach customers to spend more with relavent products. Upselling leads to increased customer lifetime value.
Example: Display recommendation of accessories while purchasing any mobile.
Down sell: It is done by internet marketers. When someone
In addition, you would also get a clear idea of the difference between
Convert your customers into your Brand Ambassadors
After purchasing of product customers will be happy to receive response from you. Collect their review of your products and services. If they have any issues regarding product, you should reply them immediately.
Building healthy relationship with your existing customers is more important than gaining new customers. One happy customer will give positive word mouth and you will get new customers automatically without any investment on marketing.
For example, you can give chance to your customers to be featured in your advertisement video or they get special offers.
6 steps of Customer Acquisition Formula will help to build your digital marketing automation strategies. Each and every step has its own importance.