We all hope we can get new customers on the go with as little spending as possible. Unfortunately, such optimism is rarely rewarded.https://socialmediaweek.org/blog/2021/02/how-to-gain-new-customers-and-reduce-the-cost-of-acquisition/?preview=true
The cost of acquiring customers (CAC) (rightly) is called the killer to run. New entrepreneurs often have unfounded optimism in what they offer. In the end, they greatly underestimate how expensive it can be to get a customer.
Those in business know that acquiring a new customer can cost seven times more than selling to an existing one. And, depending on the industry, reaching out to a new client can cost you between $ 7 and $ 395.
Sounds discouraging, doesn’t it?
Indeed, gaining customers is difficult. But the real devil is here in the details. Much of what we know here comes from statistics that average a large portion of the results.
In other words, there are a multitude of companies that just make customers wrong. Here are some ways you can reduce CAC while increasing customer satisfaction.
Follow the customer boarding process
Your sales and marketing can be mismatched. Your customer success team might end up discarding all the data at once. Or you may not have a repeatable procedure at all.
Too much of this can go wrong with a client’s entry which can increase acquisition costs.
Construction a better user workflow It will help you reduce the cost of buying customers and increase retention. Think about how you can help your customers get the most out of your product.
A good boarding procedure should include –
- Easy account registration process.
- A short but well-written welcome message.
- Reminders for clients who have not signed up for some time.
- Detailed product setup guide.
- Educational material to help customers make the most of your product.
- Milestones for each task performed by the client in the installation process.
- Robust after-sales support.
YYou can even consider creating custom solutions for clients if needed. The workflow involved should ensure that your client never has to sit back and wonder what to do next.
Don’t forget the email
In their quest to become social media stars, many brands end up ignoring email to the end. Big mistake. Unlike the clumsy mess of feeds on social media, the inbox is deeply personal.
Says Brian Greenberg, the company’s CEO True Blue Life Insurance, “The power of email is that it goes directly to consumer inbox. Then he stays there. Most people don’t delete things from their inbox, so if they need to pull the thread you had together or want to find your latest offer, all you have to do is quickly search your inbox. People contacted me at True Blue Life Insurance using a seven-month-old email. “
Some ways you can use email to acquire customers –
- Use the principle of reciprocity. Offer potential customers something for free in return for their email.
- Try a cool email. A good cool email is a personal message and solves the problem.
- Send the following messages after the first ones.
- However, do not send spam. Really, don’t.
Email popularity is still growing, so consider adding them to your marketing arsenal. If you are bound by time, then you can use a service like Designmodo which offers verified high-conversion email templates.
Gifts have an advantage over other promotional methods – they create a deeper emotional connection. And customers with such a brand connection have 306% higher LTV than those who do not.
Most sellers today stick to electronic gift items. Reusable coupons, gift cards, feature upgrades, etc. are all popular gift items.
For example, Ranoranioc, a new Fintech service to help parents invest in their children’s future adds $ 15 to each new account opened. This is a great strategy for new SaaS companies.
Still, don’t write off the modest old gifts of direct mail yet. Nothing can beat a direct gift. They are memorable and more visible than their digital counterparts.
No page on your site can answer all of your potential customer’s questions. And, most of them don’t have time to find what they’re looking for anyway.
Chatbots can really come in handy here. Now, they can’t replace the man, and sometimes they sent us with their answers. But chatbots have come a long way today.
They can answer the most general questions, and can even direct users to the resources they want. They also don’t take breaks and are present 24/7.
Their acceptance rate is also climbing. For example, twice as many consumers they were willing to get in touch with the chatbot in 2019 than in 2018. Likewise, 74% of users actually prefer to use chatbots to find answers to simple questions.
They have also been used very successfully. JoyOrganics uses a highly customized chatbot that not only offers chat, but has links to frequently asked questions in the chatbox itself.
Unfortunately, many companies mistakenly think that gaining customers over the Internet is essential for wholesalers. Finally, their oyster is in the world.
But don’t forget your local market space either. People around you can relate to your product better than those who live half the world away.
Except, Local SEO is more suitable for small businesses such as restaurants, dry cleaners, house repairs, etc.
Local SEO helps reduce the cost of gaining customers in several ways. First, having an office in the city helps your clients see your presence in advance. Second, you can create better relationships with the people you actually meet. Local followers can also help you build a better brand (think KFC).
Buying customers becomes difficult and expensive when you are more into sales than helping customers. All of the methods described above work best when used to pass on as many benefits as possible.
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