\n How to Acquire New Customers for Your Startup <\/h2>\n
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Acquiring customers is the primary goal of every company because, without customers, it cannot grow or, in the long term, even exist. At Heraldbee, we specialize in customer acquisition for startups. We know how to attract the attention of people who might be interested in a given product or service. We have tested many strategies and tools in this area, and we know which ones do bring tangible results. So we decided to share our experience. In this article, we explain:<\/p>\n
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- What is customer acquisition?<\/li>\n
- How does the customer acquisition process look like?<\/li>\n
- What are effective customer acquisition strategies?<\/li>\n<\/ol>\n
We hope that our experience will turn out to be helpful to your businesses.<\/p>\n
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![\"Customer](\"https:\/\/heraldbee.com\/wp-content\/uploads\/2020\/04\/Customer-acquisition-7.jpg\")
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What is customer acquisition?<\/h3>\n
I guess the term \u201ccustomer acquisition\u201d sends a clear message \u2013 it is a whole set of activities that should lead to an increase in the number of customers and, consequently, in sales. Without a doubt, it is the foundation of every business.<\/p>\n
There are three key concepts worth mentioning in the context of customer acquisition. These are customer acquisition strategies, customer acquisition process, and customer acquisition costs (CAC).<\/p>\n
Customer acquisition strategies<\/strong> are a set of tools, ways, or techniques that are designed to attract the attention of people potentially interested in a product or service. They are described in more detail in the last part of the article.<\/p>\n
The customer acquisition process <\/strong>is a set of steps that lead to the acquisition of new customers. Among them, the critical role is played by acquisition strategies, but the whole process is more complex. In the next part of the article, I explain exactly what it consists of.<\/p>\n
The customer acquisition cost<\/strong> is simply the price the company pays to acquire new customers. It\u2019s calculated by dividing the total cost of customer acquisition by the number of new customers in a given period.<\/p>\n
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![\"Customer](\"https:\/\/heraldbee.com\/wp-content\/uploads\/2020\/04\/Customer-acquisition-5.png\")
<\/a><\/p>\nSource: learn.smile.io<\/a><\/em><\/p>\n<\/div>\n
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It\u2019s worth calculating this cost for each communication channel separately to find out which one brings the best results. For this to be possible, it\u2019s necessary to track the origin of new customers, i.e., the source from which they found out about the product.<\/p>\n
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The customer acquisition process<\/h3>\n
Acquiring customers is a process that consists of many steps. Before you see any effects, it\u2019s necessary to take time for thorough analysis and research, and then create a well-thought-out action plan.<\/p>\n
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![\"Customer](\"https:\/\/heraldbee.com\/wp-content\/uploads\/2020\/04\/Heraldbee-Customer-acquisition-1.png\")
<\/a><\/p>\nCustomer acquisition process<\/em><\/p>\n<\/div>\n
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The first step may seem irrelevant in the context of discussing the customer acquisition process, but it is actually the key element of the whole puzzle. Without a good product, no strategy will bring the desired results. Remember that it\u2019s marketing that works for the product, not the other way around<\/a>.<\/p>\n
When you have a product or service, you want to sell, create a customer profile<\/strong>. You have to define a target audience. Think about:<\/p>\n
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- Who is the potential user,<\/li>\n
- What does he\/she do,<\/li>\n
- What are his\/her interests,<\/li>\n
- In which situations he\/she may need your product or service,<\/li>\n
- How your product can make his\/her life easier,<\/li>\n
- Where can you find your target audience,<\/li>\n
- What acquisition channels to use to reach him\/her,<\/li>\n
- What is his\/her age and where does he\/she live.<\/li>\n<\/ul>\n
The target audience profile should be thought through and as detailed as possible. If you do it well, you\u2019ll save a lot of time. You\u2019ll also avoid spending money on customers that won\u2019t convert.<\/p>\n
Bearing in mind the overall costs associated with creating a product, estimate the customer acquisition cost, you can incur and still generate profit. Having in mind who you want to reach with your offer, choose the right tools, and develop a plan. Implement strategy (or strategies) and then monitor the effects. It may turn out that one tool works better than the other, or one of the acquisition channels doesn\u2019t bring any customers. That\u2019s why you have to evaluate the results and adjust your strategy accordingly.<\/p>\n
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Do you want to aquire new customers for your startup??<\/h3>\n
Book a Call<\/a><\/p>\n
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It\u2019s worth looking at the process of customer acquisition also from the perspective of the sales funnel. This is the way a customer goes from a prospect to a loyal customer. The aim of customer acquisition strategies is, above all, to draw attention, develop interest and cause the desire to have a product.<\/p>\n
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![\"Sales](\"https:\/\/heraldbee.com\/wp-content\/uploads\/2020\/04\/Customer-acquisition-8.jpg\")
<\/a><\/p>\nSource: bestdigitalland.com<\/a><\/em><\/p>\n<\/div>\n
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Effective customer acquisition strategies<\/h3>\n
There are many ways to acquire customers. What you should remember about is that they are not mutually exclusive; on the contrary, they are complementary. At Heraldbee, we always evaluate the characteristics and needs of each startup and then select a set of strategies that we believe will work best. Your company can gain many more clients if you choose the right strategies.<\/p>\n
1. Engaged target audience<\/h4>\n
Having your customer\u2019s profile in mind, build a relationship based on shared values. This is the first element in the customer acquisition process and an essential step to creating an engaged community. People are more likely to buy a product or service if they can identify with the brand\u2019s mission and goals. Communicate them clearly. Then try to provide this community with platforms to share their opinions, thoughts, and learn more about your business.<\/p>\n
Social media or a website with blog and forum work great for that. Brands that use this strategy are considered to be open and accessible by their audience.<\/p>\n
2. Content marketing<\/h4>\n
The acquisition channels we mentioned earlier don\u2019t have to be used only by your customers. \u00a0They serve as powerful communication platforms for your brand too. Make the most of them. Create content regularly and use it to educate your prospects. Potential customers will not necessarily be immediately aware of the benefits of your product. Show them how you see the product, how they can use it, how it will change their lives, and what they can expect from it. Make them desire your product and show that it would solve their problems.<\/p>\n
Make sure to use various forms of communication \u2013 articles, posts, videos, podcasts, white papers. Different customers prefer different ways of absorbing information.<\/p>\n
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![\"Content](\"https:\/\/heraldbee.com\/wp-content\/uploads\/2020\/04\/Content-marketing-9.png\")
<\/a><\/p>\nAdjust the frequency of content publication to the form of communication. Source: curata.com<\/a><\/em><\/p>\n<\/div>\n
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At the same time, don\u2019t let your educational materials be just advertisements. Be honest in your desire to help and share knowledge. It shows that you know what you are offering and are an expert in your field. It\u2019s a key to gain customers\u2019 trust.<\/p>\n
Read more: 4 Simple Lessons to Improve Your Customer Acquisition Strategy<\/a><\/p>\n
3. SEO<\/h4>\n
Optimize your content through all acquisition channels. Focus on making it search engine friendly. This will improve your position in their rankings. Read more about this in our article How to Use Content Marketing and SEO for Startups in the Most Effective Way [Case Study]<\/a>.<\/p>\n
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We specialize in content marketing and SEO<\/h3>\n
Book a Call With Our Expert<\/a><\/p>\n
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4. Referral programs<\/h4>\n
With the referral program, your current customers can benefit from recommending your product to the new ones. Their \u201cawards\u201d may include, for example, promo codes, discounts on subsequent purchases, or free periods of use (if your product is software or app). It all depends on the specifics of the product and the capabilities of the company. The referral program is a great way to engage more customers in the process of acquiring new customers, and thus, exponentially increase their number.<\/p>\n
5. Free stuff<\/h4>\n
It\u2019s the best strategy to gain the most resistant customers. If content marketing is not enough to make them want to buy your product, let them test it. A good product can sell itself. If you offer a physical product, you can give away free samples. In the case of a service or an electronic product, such as software or application, you can offer a time-limited trial period. This way, customers can familiarize themselves with the tool and see how it works.<\/p>\n
6. Email marketing<\/h4>\n
Email marketing, especially in the form of newsletters or product recommendations, is a classic method that is gaining popularity again. Content provided in this way is perceived as more refined, selected, and tailored to the needs of customers. And rightly so, because email marketing is based on information about the potential recipient, which the product developers already have. It allows them to assess their needs and adjust their advertising.<\/p>\n
You should be aware though of the high risk associated with this strategy. Once sent, an email can no longer be improved. Therefore, higher effectiveness is associated with the need for even greater involvement in the creation of content delivered by email.<\/p>\n
![\"Email](\"https:\/\/heraldbee.com\/wp-content\/uploads\/2020\/04\/Email-marketing-customer-acquisition.png\")
<\/a><\/p>\nEmail marketing brings a variety of benefits, such as generating leads, acquiring more converting customers or improving sales. Source: lyfemarketing.com<\/a><\/em><\/p>\n<\/div>\n
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7. Landing page<\/h4>\n
A landing page is where a potential customer \u201clands\u201d once redirected from various sources, such as an article, a blog post, an email, a video, or a referral link. Its content should contain essential information (important logo<\/a>) about the product or service and ultimately convince the person to buy it. It is, therefore, a tool that plays its role at a later stage of the sales funnel than, for example, articles on a blog, a referral program, or email marketing. Its purpose is to convert the prospect into a customer.<\/p>\n
To achieve this goal, the page must be optimized. The key elements of the landing page are product description, convincing content, and a visible call to action. Learn more about landing page optimization methods in our article How to Create a Landing Page that Converts?<\/a><\/p>\n
8. Budget control<\/h4>\n
Customer acquisition doesn\u2019t have to be very expensive. If you\u2019re a new startup, try to make the most of what you already have. Often the small size of a company at the beginning of its operation is an advantage because the owners can be more visible and create a bond with the customer. As a brand creator, try to connect with your customers, tell them about your product, get engaged in the PR activities.<\/p>\n
On the other hand, don\u2019t try to acquire all customers. Especially at the beginning of a marketing campaign, it is vital to control the budget. Focus on the lead with the highest probability of conversion. Knowing your target audience, choosing the right strategies, and monitoring their effects \u2013 the goal of all these efforts is to use the funds most effectively.<\/p>\n
9. Partnerships<\/h4>\n
Business is not a constant competition. You can often gain a lot more by cooperating with other brands. The key to success is to put the customer\u2019s interest first. Think about how you can increase your customers\u2019 satisfaction by offering them products or services complementary to yours. Not only will you acquire new customers, but you will also gain additional human and perhaps financial resources. Working with partners allows you to get to know brands that are not necessarily related to your industry and thus learn about their perspective and see how they run a business. Joining forces is a benefit for both parties.<\/p>\n