Marketing-Driven Customer Acquisition
Along with retaining loyal customers, acquiring new customers is an important revenue driver. One of the ways is through word-of-mouth – acquiring new customers who are brought to your organization by the recommendations of others.
Another way to acquire new customers is through marketing efforts. This could be advertising on television, product placement in movies, billboards, e-mail marketing, search engine marketing, Facebook marketing, and so on. You will find many different methods and many experts, each with their own opinions on the best ways. We leave that discussion and debate to others.
However, you should keep in mind a few points about acquisition. Despite all the innovation in the area of media, from iPhones to the Internet, from digital to mobile, traditional sites and methods of reaching the public continue to exist. We still have stores, billboards, radios, and newspapers. The idea is to use the correct analytics to discover which of this greatly expanded palette of channels is working best and how to achieve customer satisfaction for which group so you can make the right offer at the right time in the right place.
Think carefully about how much money, resources, and time you should devote to marketing and advertising. It worked wonders for AT&T, IBM, Samsung, Axe, and McDonald’s, but be warned: Don’t become another Pets.com. As you may remember, it was a dot.com enterprise that sold pet supplies to retail customers. It began operations in August 1998 and closed its doors in November 2000.
The important thing to remember is that a company is going to use many methods to bring potential customers through the door (and the door here is not necessarily a literal door anymore). Once they are engaged, you need to convert them to actual customers. How do you do that? By providing a great customer experience. That is the key driver to conversion, and it includes all aspects of the experience. So, if the experience meets customers’ needs and exceeds their expectations or, in other words, is a satisfying experience, you are going to be able to convert those prospects into customers.