Have maximum customers for the business is the primary concern for every business. And companies spend lots of money in marketing activities to acquire them. But the ustomer acquisition cost is also the concern for the companies. Because each cost affect profitability of the company. So it has to be under control.
This article covers all points that give you the strategic idea to reduce Customer Acquisition cost. These are a proven marketing strategy and this will help you to control your marketing spend for acquiring customers. Let’s take a look at strategies to reduce Customer Acquisition Cost.
Optimise Marketing Channels
Understand your business industry and identify marketing channels accordingly. These results in reduced spending on low-performing platforms.
Improve your business website
business website would play very important role in this. make UI/UX better, landing page, clear call to action, highlight product and services would encourage people to buy product or service. Your business website is presentation of your company. So it must be proper in a ways that user can understand easily and not get confused.
leverage organic traffic
Paid campaigns are great because it gives leads quickly than organic leads. But you have to paid for each lead. how long will you pay for each lead? So you have to focus on organic leads as well.
You have to improve website’s ranking on search engine to get more organic leads. and you have to do SEO for that. Focus on SEO practices and make a strong content marketing strategy, build strong presence on social media. Remember, practice for getting organic leads is time consuming but it will give better result than paid campaigns for long time and you don’t need to pay for any leads at that time.
Use retargeting strategy
Retargeting is the one of the best marketing strategies to increase conversion. Users who visit your website, social media page or done any action on your paid campaign which means user is looking for the product or service provider. You have to track them. Use Google analytics for deep tracking. When you show them product and service again and again. User will get interest in your product or service.
You can attract them by some personalise offer if possible.
Focus on Customer Referral strategy.
When any of your customer refer to other about your product and service, that new lead is converted 50% at that time. Your 50% effort to convert leads reduces there.
When you satisfied your existing customers through your good product and service, they will definitely give a reference to others. In short, your happy customers will do marketing of your company which will totally free. You can offer referral scheme to existing customers if you want like get discount on 3 reference or kind of that.
Increase Customer Retention
Once any customer have trust on your product and service, he/she will come again and again to purchase your product or service. Customer retention is very crucial for company. Big companies make an offers for existing customers to increase repeat purchase.
It will improve overall sale, increase references and reduce cost of acquisition. Have a value of your existing customers because they have power to convert your business as a brand in market.
Automate sales and marketing practices.
Paid campaigns have power that gives you a 100 or more than that leads in a single day. So, if you don’t nurture all leads properly then potential leads may be skip. and you will not get any business.
It can happens when your sales and marketing team handle leads manually. Discussion and follow-ups are manually. Your employees are not capable enough to remember last discussion with so many leads.
Using CRM and automation software will help them to nurture each lead carefully and have perfect record of discussion. It reduces time and efforts to convert any leads.
Lower acquisition cost always help businesses to increase profit. So change some strategies and increase profit.
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