Customer Acquisition

Synopsis

How do you stand out and acquire customers in an increasingly oversaturated field? A strong customer acquisition strategy is more than just competing for attention. Use this Customer Acquisition deck to help get organized as you segment, prospect, qualify, and maintain high-value leads.

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Slide highlights

Customer segmentation organizes the acquisition strategy through the division of opinions, behaviors, brand loyalties or frequency of use. [/italic](Slide 6)[/italic]

A customer needs analysis guides how to address customer demands by who they are, what their activities are, and when they decide to buy.[/italic](Slide 9)[/italic]

Break down your customer acquisition cost across sales and overhead spendings with editable tables.[/italic](Slide 20)[/italic]

Outcome

A solid acquisition strategy aligns your products with the right market and gets the words out through the right marketing channels. More importantly, acquisition strategy is bolstered by customer retention and loyalty. So make sure you align the marketing, sales, and customer success teams to turn warm leads into recurring and referring customers.

Questions and answers

What are some strategies to maintain high-value leads?

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Some strategies to maintain high-value leads include:

1. Personalization: Tailor your communication to meet the specific needs of your high-value leads.

2. Regular Follow-ups: Keep in touch with your leads regularly to keep your brand at the top of their mind.

3. Provide Value: Offer valuable content or services that can help your leads in their business or personal life.

4. Customer Success Team: Have a dedicated customer success team to ensure your leads are getting the most out of your product or service.

5. Feedback: Regularly ask for feedback and make necessary improvements to your product or service.

How can a company stand out and acquire customers in an oversaturated field?

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A company can stand out and acquire customers in an oversaturated field by developing a strong customer acquisition strategy. This involves aligning products with the right market and promoting them through the appropriate marketing channels. Additionally, customer retention and loyalty play a crucial role in bolstering the acquisition strategy. Therefore, it's important to align the marketing, sales, and customer success teams to convert warm leads into recurring and referring customers.

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Application

Factors

Here are seven common factors of customer acquisition to consider: the features that distinguish a product or service; the assurance, or trustworthiness, behind how a brand is perceived; the benefits provided to customers; the pricing strategy; the relationship management between the company and its customers; the presentation of products or services; and the experience of a customer's journey.

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What are the benefits provided to customers in a successful customer acquisition strategy?

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In a successful customer acquisition strategy, customers are provided with numerous benefits. These may include unique and valuable features of a product or service that meet their needs or solve their problems. They may also receive assurance and trust in the brand, which can be achieved through transparency, reliability, and positive customer reviews. Pricing strategy can also be a benefit if the product or service is offered at a competitive price. Relationship management is another key benefit, where the company maintains a good relationship with its customers through excellent customer service. Lastly, a positive customer journey experience, from discovery to purchase and post-purchase interactions, can also be a significant benefit.

Can you provide examples of how different features can distinguish a product or service in customer acquisition?

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Different features can distinguish a product or service in customer acquisition in several ways. For instance, unique features that solve a specific problem can make a product stand out. This could be a unique design, superior functionality, or innovative technology. Additionally, features that enhance convenience, such as easy setup or user-friendly interface, can attract customers. Sustainability features, like eco-friendly materials or energy efficiency, can also appeal to environmentally conscious customers. Lastly, features that offer better value for money, such as durability or multi-functionality, can make a product more attractive.

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For example, You're a popular automaker and your best-selling car is a hybrid SUV while you are about to launch a new EV sedan. Each product poses different priorities for your customer acquisition process.

This new EV model's features are that it is fully electric with a long battery range ideal for commuters. It also has a smart display and features the latest connected vehicle mobility applications. The assurance for your brand comes from previous customers and a legacy brand name that families of all walks of life trust. All of your models are known as low maintenance with high mileage. The benefits of this EV are that money-savings on gas and lower carbon emissions, providing both private and public goods that many customers value.

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What challenges might a company face in promoting the new EV model and how can they be overcome?

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Promoting a new EV model can present several challenges. Firstly, there might be a lack of awareness or misconceptions about EVs among potential customers. This can be overcome by educating the public about the benefits of EVs, such as cost savings on gas and lower carbon emissions. Secondly, potential customers might be concerned about the vehicle's battery range. The company can address this by highlighting the long battery range of the new model. Lastly, the company might face competition from other brands. This can be mitigated by leveraging the company's legacy brand name and reputation for low maintenance, high mileage vehicles.

How does the new EV model's low maintenance and high mileage contribute to its value proposition?

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The new EV model's low maintenance and high mileage significantly contribute to its value proposition by reducing the total cost of ownership for the customer. Lower maintenance costs mean the customer will spend less on routine services and repairs over the life of the vehicle. High mileage, on the other hand, implies that the vehicle is energy efficient and can travel longer distances on a single charge, saving the customer on energy costs. These factors, combined with the environmental benefits of lower carbon emissions, make the EV model' an attractive option for customers seeking value for their money.

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Its pricing is mid-level and reasonable. But because it's fully electric, it does have a slightly higher price point than traditional ICE engine or hybrid models. Despite this, customers may value the long-term savings from not paying for gas to the advantage of your acquisition strategy.

Your relationship with customers is the strongest asset, and you believe a percentage of existing customers can be fairly easily converted to this new model due to brand loyalty. The presentation is simple, with sleek and contemporary interior and exterior design.

Although experience includes both pre and post-sale, when it comes to new customers, the pre-sales experience is the priority. Analyze the process as the customer receives an initial quote, arrives at the dealership or showroom, test drives, and finally signs the contract. For today's market, an omnichannel experience that takes online sales into account is also vital. (Slide 3)

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How does the Customer Acquisition strategy align with digital transformation initiatives?

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The Customer Acquisition strategy aligns with digital transformation initiatives in several ways. Firstly, it involves leveraging digital channels to reach out to potential customers, which includes social media, email marketing, SEO, and online advertising. Secondly, it involves using digital tools and technologies to analyze customer behavior and preferences, which can help in personalizing the marketing messages. Thirdly, it involves creating an omnichannel customer experience, which means providing a seamless customer experience across all channels, both online and offline. Lastly, it involves using digital technologies to streamline and automate the customer acquisition process, which can lead to increased efficiency and cost savings.

What are the main components of the Customer Acquisition strategy?

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The main components of a Customer Acquisition strategy include:

1. Market Segmentation: Identifying and targeting specific groups within a market.

2. Lead Generation: Attracting and converting prospects into potential customers.

3. Sales Process: A systematic approach to selling a product or service.

4. Customer Retention: Keeping customers satisfied to generate repeat business and referrals.

5. Analysis and Optimization: Continuously analyzing performance and optimizing strategies for better results.

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Target audience

Next comes the standard target audience analysis. Before sales and marketing teams plan out their strategies to warm up potential leads into customers, it's critical that they understand who they are about to talk to. Break customers down into behavioral, demographic, geographic, and psychographic segments to get specific with targeted messages.

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What are common challenges in applying a psychographic approach to customer segmentation and how can they be overcome?

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Common challenges in applying a psychographic approach to customer segmentation include: difficulty in obtaining accurate and comprehensive data, the subjective nature of psychographic variables, and the dynamic nature of consumer behavior. These challenges can be overcome by: using a combination of primary and secondary data sources to gather information, employing advanced analytics to interpret subjective data, and regularly updating the segmentation model to reflect changes in consumer behavior.

How does a customer acquisition strategy align with the digital transformation initiatives of a car company?

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A customer acquisition strategy aligns with the digital transformation initiatives of a car company in several ways. Firstly, digital transformation can enhance customer acquisition by improving online presence through a user-friendly website, SEO, and social media marketing. This can attract potential customers and increase brand visibility. Secondly, digital transformation can enable the use of data analytics to understand customer behavior and preferences, which can be used to target marketing efforts more effectively. Lastly, digital transformation can improve customer service through the use of AI and chatbots, which can handle customer queries promptly and efficiently, thereby improving customer satisfaction and retention.

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Let's say you want to take a psychographic approach to segment customers for a hybrid SUV car. The lifestyle of this segment would be busy parents with at least one child, who frequently run household errands or need multiple seats for family trips. Their personality is practical and they value stability.

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Using the same psychographic approach for EV customers, however, the lifestyle of this segment would be a forward-thinking early-adopter with a more curious and adventurous personality. They value longer-term decisions, as sustainability is a trend to stay.(Slide 4)

Market size

When it's time to determine the market size, the top level denotes the total addressable market (TAM), which is the entire potential market despite the ability to reach and serve them. Then comes serviceable obtainable market (SOM), which is the part of the TAM that a company can actually be reached and served given the right marketing. Last but not least we have serviceable available market (SAM), which is the portion of the market that can realistically be captured after considering competitors in the same market space. Unique to this diagram is this innermost circle, which can be used to denote potential leads.

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Let's say your salesforce is planning their Sales Strategy. They will want to determine what portion of the entire SAM they can realistically begin to work on. It's important to discover what's realistic and adjust that number over time. (Slide 5)

When it comes to market size, numbers are usually in terms of monetary value, not population size. That's because certain markets are more lucrative than others. For a more detailed breakdown of how to segment your target customers, check out Slide 6 in this deck.

Segmentation by region

Customer segmentation by region is another useful approach. A global company can break down what percentage (or dollar amount) of sales comes from each region, with pie charts that can be tailored to any criteria of comparison.

For example, the chart could be used to show that 90% of sales come from North America. Or it could be used to show a target to increase market share across North America by 90%, etc.

This type of visualization is helpful for relatively large brands that have been validated on a national level and look to expand. When it comes to market expansion, there are other implications in addition to numbers. For instance, there could be a need to develop an entirely different acquisition strategy based on customer preferences and cultures unique to that region. For additional resources, check out our presentation. (Slide 7)

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Prospects dashboard

Use a prospects dashboard to gather and visualize target customer information. This also provides an easy view for the sales and marketing teams.

Think about the audience for the automaker's new EV. The target age group is made up of mid to senior level professionals between their 30s to late 50s, typically with an above average income.

Since device usage is a critical aspect for marketing optimization nowadays, you discovered that they use mobile 90% of the time. This means they more likely discover new brands and products from the palm of their hands or while browsing casually. This could mean it's more efficient to market on a mobile-friendly channel like Instagram.

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As 90% of these target prospects are white-collar workers, a key benefit could be money-savings and increased comfort from commutes to work.(Slide 8)

Team funnel

A team funnel divides up the sales funnel and customer lifecycle across the various teams involved and the roles they each play.

For example, the marketing team gets the word out, procures inbound and outbound leads, and delivers visitors who become qualified leads to the sales team. From there, the sales team qualifies the prospects and converts activated users into customers. The customer success team then onboards, renews, or upsells services to keep existing customers happy and convert them into loyal, returning customers who refer friends.

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The customer success team is a vital part of the customer acquisition process, especially when it comes to products with premium prices and higher profit margins. In the case of your new EV line, the investment into early adopters can create positive feedback that eventually convinces more risk-averse customers to give the new model a try. In the automotive industry, a good referral can literally sell another car. (Slide 10)

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What are the practical applications of the Customer Acquisition deck in the field of marketing?

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The Customer Acquisition deck can be used in various practical ways in the field of marketing. It can help businesses identify and understand their strongest acquisition channels, allowing them to focus their resources and efforts on these areas. The deck can also be used to segment and prospect customers, which is crucial in creating targeted marketing strategies. Additionally, it can be used to visualize data such as new customers by region or spending, providing valuable insights for decision-making.

How can the visualization of new customer acquisition enhance business strategy?

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Visualizing new customer acquisition can enhance business strategy by providing clear, digestible data on where new customers are coming from. This allows businesses to identify their strongest acquisition channels and focus their resources and efforts there. It can also help in segmenting customers, understanding their spending patterns, and tailoring marketing strategies accordingly. Furthermore, visual data can be easily shared and understood across different departments, facilitating cross-functional collaboration for customer acquisition strategies.

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Source chart

This source chart is used to visualize where new customers came from. Synthesize and collect data to demonstrate your strongest acquisition channels to double down on. Because this slide is a chart and it's flexible to change the categories. Feel free to adjust the data to reflect new customers by region, new customers by spending, or other determinants you prefer. (Slide 13)

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Lead Generation Strategy

A lead generation strategy covers components used to convert leads. These columns have suggestions with suggested common focus areas. But keep in mind that lead generation strategies differ between businesses. One company might rely more on SEO while another relies on walk-ins or social promotions.

Let's say you want to create a lead gen strategy for the EV launch. You can use a targeted SEO strategy to generate buzz with keywords that emphasize vehicle benefits, like its affordability, long range, and cost-savings for commuters.

Your content strategy includes a splashy landing page that takes pre-orders a breeze and stunning video ads on social media and streaming services. You want to attract early adopters, so perhaps advertise on tech platforms or emerging technology podcasts.

With enough pre-orders, use an email marketing promotional strategy to count down to your official launch. To analyze success, count how many video ad views convert to page views, how many page views convert to pre-orders, etc. Then it's up to your sales team to convert the leads into sales.(Slide 15)

AIDA

AIDA is a popular sales framework that covers activities across four key phases: awareness, interest, desire and action. While awareness, interest and desire are more related to customer acquisition, action covers the tactics and key activities used by the sales team to close a lead. For more resources related to AIDA Sales Model, we have an entire deck on the subject available in our resource library.(Slide 16)

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Lead scoring

A lead scoring sheet can analyze the quality of leads. List prospects by demographic, age range, behavioral segment, or any other factor of importance. Survey and assess, then score them in a piechart or assign them a numerical value to determine their quality.

In the case of your ideal EV customer, does the prospect intently browse vehicles online for more than 5 minutes, or they just here to skim for a few seconds? Is the web traffic your landing page receives primarily from websites based in North America, or are they abroad in another region? If they are overseas, are they in an emerging market with a strong EV customer base? Compile the data with the lead scorecard, then distribute it as a cheat sheet for the sales team to qualify leads based on these priority factors.[/italic](Slide 18)[/italic]

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Acquisition cost

To determine the customer acquisition cost of sales and marketing activities, a cost sheet can be used to estimate the total CPA across multiple acquisition channels. Enter input variables alongside their respective quantity and rate of conversion, then factor in with and without headcount costs.[/italic](Slide 19)[/italic]

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You can also determine the overhead costs for the sales team and their managers with a separate overhead customer acquisition cost sheet to quantify existing salary and expenses for an in-house salesforce.[/italic](Slide 20)[/italic]