Customer Acquisition and Customer Acquisition Strategies are one of the things we hear a lot from our clients. It’s their desire to acquire new customers that could be everything from how do I get a consumer to try my new line of makeup, to how do I get a consumer to actually shop at my retail store who's never shopped there before but might have shopped at my competitors. Customer acquisition is really all about getting consumers or businesses. If businesses are defined as customers, which they are in many cases, to buy something for the first time. Usually, it is the most expensive form of marketing that a company can do which is why the adage of “it's easier to retain a customer than to acquire a new one” is the case in most marketing circles.
With Customer Acquisition, there are many ways to acquire new customers and many marketing organizations. We work with large consumer marketing organizations as well as spend a lot of time and money trying to get consumers and new customers through different digital marketing tactics. That might include pay per click Search Engine Marketing where somebody searches on Google for T-shirt and that market air or retailer wants to buy an ad to show up in Google so that consumer goes and clicks through and buys a shirt at the Gap versus at Target. Sometimes those customers are new, they've never shopped at Target or Gap before which is hard to prove specifically but increasingly less hard and it’s also is possible that it could be a return customer. For many marketers, what they struggle with is in that example they pay the same amount per click on google to get a new customer as they do a return customer. The approach for both is very different for each because new customers are worth typically a lot more than a repeat customer. That is also why marketers use other channels to attract new customers such as display advertising which is a way for marketers to use their own data to target people who are like their current set of customers, but have not bought from them in the past to ensure that they are truly reaching new customers who have never bought with them or bought their products before.
So Customer Acquisition is a major area of marketing. Usually one of two with the second being loyalty and retention and for marketers that are trying to acquire new customers. There are a variety of different tactics; some costs more than others while some are more effective than others. Ultimately, the opportunity is how do you decrease your customer acquisition costs by being more effective with what the marketing channel. What are you using to reach consumers as well as any promotional strategy that you're using where you've not discounting too heavily. Those are all solutions that again clients typically are looking for in the marketplace to optimize their customer acquisition strategy.
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