Definition: Customer acquisition
What is customer acquisition?
Customer acquisition refers to the activities and actions involved with winning a new customer or convincing a person or company to buy your products or services.
Customer acquisition results from a lead or prospective customer being successfully moved throughout the customer journey: from awareness to decision making, and ultimately purchase.
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What is a typical example of the customer acquisition process?
The customer acquisition process depends on the nature of the brand, the type of services and products they sell, and the customer profiles. Here is a common example of the customer acquisition process.
Identify the target audience
This is where buyer personas come into play. You will need to create a separate persona for every type of customer and every product you sell. Everyone has different needs, after all.
Insights from your buyer personas can be enhanced with market and competitor research, social listening, and your CRM data.
Create a sales and marketing strategy
Now it’s time to map your personas to typical customer journeys and create a sales and marketing strategy and plan. This should address every stage of the sales funnel: awareness, consideration, decision making, and purchase.
Decide which marketing activities and channels will be most effective, set KPIs such as click-through rate, engagement, and marketing ROI, and assign budget and resources accordingly.
Launch your campaigns
Schedule and test in advance and send your campaigns at the times they will be most effective.
Take time to measure and optimize
Once the campaigns have bedded in, make sure you set time aside to measure and optimize your campaigns.
Website analytics, social listening tools, email marketing software, and content collaboration platforms are all valuable tools for doing this. Where engagement is low or results are poor, identify opportunities for improvement.
Don’t forget to work out your customer acquisition cost over time to ensure you are devoting the right budget and resources to the right activities.
The Forrester Wave™ Digital Asset Management for Customer Experience, Q1 2022
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