It’s Tuesday, it’s absolutely delicious outside, and it’s time for another piece from our CX or ‘Customer Experience’ series. Previously we’ve written about the importance of harnessing the power of existing customers which you can read here. BUT to compliment this, we are giving away our hard earned knowledge in customer acquisition (seriously you have to pay thousands for this stuff). We wanted to give you wonderful folk a bit of actionable insight – not just the fluffy “make sure you’re tracking” BS and not items which will take a year to reap the rewards from.

So without further gilding the lily and with no more a-do, here’s our top 5 tips on how to improve your customer acquisition.

 

1. Understand demand for your portfolio

The most basic of business practices is understanding the level of demand for the product / service. Ultimately without knowing a rough market size and appetite for your ‘stuff’ it’s a pointless venture, no amount of marketing or advertising prowess will help you – it’s a big GG (good game).

So how do I test my products/service portfolio?

The days of conducting expensive focus groups or surveying (qual + quant) I believe is over. It’s not really a valid way of testing as it’s in an unnatural environment. Take a deep breath and get it out there. Seriously, take a small budget and promote out each product equally on a channel using similar creative.

What this will give you is what the industry is calling a “Fail Fast” approach. This essentially  allows you to figure out what the demand is like for your brands product categories, which you can then cross check against your online sales if you have an e-commerce system (Google Analytics -> Conversions -> Ecommerce -> Product performance). Make sure you get a good quality sample in terms of data range (no good validating data from six years ago vs today).

Do this now:
If you want to get real text book on this, bust out Boston’s Matrix and split your products into Star, Cash Cow, Problem Child, Dogs; how can you sell more of X, is there room for product development/innovation?

 

2. Play the numbers game with customer acquisition

What we mean by this is get your brand out there under as many eyes as possible for the least amount of ad spend. “But Ryan, that’s mass marketing and that is a f****** sin”. No. Mass marketing is the way in which every major brand has managed to build effectively by realising that your customers are extremely similar to your competitors customers. Sure, there is a need for a basic filter, you don’t want to be selling tampons to Dave, 45, but you get the idea, your customers are not just your customers, they are your competitors and the ecosystem works by penetrating, poaching and borrowing.  

Here’s a perfect real-world illustration of my point:

If you’re on a limited budget, look to get a couple of strategic partners onboard who can co-promote your content whilst aligning a product/service with complimentary values to help strengthen your brand. Check out my latter reference here:

Rolex - National Geographic brand partnership

Ultimately, think of advertising and building a brand a lot like a popularity contest. Big brands succeed by being familiar and popular with the many, not the few. “But Ryan, 20% of our customers deliver 80% of our revenue” (Pareto’s law). Please – although you will always have a core market of customers who need to be loved, adored and retained, the real way to grow sustainably is to have lots of people occasionally purchasing your product/service – and this isn’t just B2C, why do you think most B2B business coaches push networking with such intensity (p.s. thank you Byron Sharp, at first I was blind but now I see).

 

3. Tempt me as a customer

Once your prospective customer is aware of you, it’s time to introduce the ‘nudge’, for those of you who don’t know, a nudge is a behavioural cue presented to a customer to influence action. For example, in order to increase sign-up rates to Netflix, a simple 30 day free trial is offered as a way of reducing the barriers to trial.

Incentives are a major part of nudging, BOGOF’s and sales discounts are common tactics used by advertisers to reduce the barriers to purchase, however, be careful as too much of this over a period of time can devalue your brand.

For those who want to know more – I’ll be posting a piece on behavioural economics next week.

 

4. Your customers are human, but you don’t have to be*

What I mean by this is you do not have enough time to reach out to each and every prospect/existing customer you work with regularly without dropping the ball once or twice. Automation can help whether you’re a B2B or B2C brand. Let me give you an example: we use Xero as our accounting software, which generates invoices for our clients – fairly standard right? Well we also use this touchpoint as a way of promoting our latest work and saying thank you for their continued business – really simple yet incredibly effective and has led to new business.

*This isn’t to say a human approach is no longer required – far from it, it’s just people have busy lives and this is where technology can help make a connection with someone who may have felt forgotten.

Other applications we have helped client partners with:

  • Order confirmations
  • Distribution and delivery confirmations/updates
  • Remarketing – Google AdWords (Display)
  • Subscription renewals for SaaS
  • Hubspot CRM setup and integration into marketing funnels
  • Proposal sending & sign off – recommend PandaDoc
  • Feedback loops and “how did we do?”

And so, in essence, look at the generic touch points that you can take advantage of to make your customers love you more, becoming more salient in their minds as THE brand to do business with.

 

5. Go to war

Understand this, each and every competitor is bidding for your customer’s attention and so successful brands have to stand out from the crowd to gain a competitive advantage. Experiment with new forms of creative media, animation, web services etc but do it with a strategic focus on how do we stack up vs the rest.

Pepsi vs coke

pepsi vs coke

Bottom line: give your customers a compelling reason to buy the things they want, better than the competition, at a profit.

Let’s grow. (Like go but better, right?)

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