Is your business or startup giving you satisfactory sales and profit? Are you spending too much on your strategies? Is your cost per acquisition very high! Do all of your efforts pay you off?
If the answer to any of the above question is no, then my friend you need to change one or many other things you are doing which is wrong.
First off all you get to check out your mistakes, where are you going wrong. If your spending cost is more than your profits you need to lower them down. Generally, people spend a large amount of money on customer acquisition cost.
Customer Acquisition Cost is the amount of money one businessman spends on the customers for convincing them to buy your product. It comprises of all the research work done, advertising on all platforms either online or offline and all the marketing expenditures. Being an important tool and paying an important role for business the customer acquisition strategy must be planned carefully keeping in mind the budget.
As we all know customer acquisition cost, in turn, gives you sales from a potential customer, the customer acquisition cost increases as the business or startup grows. The customer acquisition strategies will be fruitful if they help you in gaining new customers, or persuading them to buy your product. It acts as a link between the customer and the advertising department.
In order to make your customer acquisition cost minimum all you need to do is to follow up all of your past surveys, research and make your new strategies keeping in mind the results. You can give up the ways which are not giving you sales and focus more on the ones which are increasing them. Now, I am telling you some great hacks and tips for making customer acquisition strategy and lowering down your customer acquisition cost.
1. Define Your Target
Create personas of buyers and it will help you discover who is going to buy the product from you and will be loyal and very much engaged with you. Multiple personas will help you more rather than creating a single one.
2. Use Retargeting
Here your window shoppers have turned up to paying customers and have increased your sales. In order to increase more sales, what you can do is by showing them more of the product they viewed. You can categorize your product and retarget them.
3. Employ Relentlessly Testing
4. Keep a Check on Your Revenue
5. Sharpen Your USP
USP gives you some extra marks and make your product better from that of your competitors. Hence, you need to decide your USP and broadcast it amongst all of your employs and potential customers. Once you are working on your USP it will gradually lower down your Customer acquisition cost increasing your sales.