As a small business, it’s not always easy to get your name out there. And when it comes to growing a small business, acquiring and retaining customers is extremely important. Additionally, customer acquisition can be difficult if you are in a saturated industry. So how can your small business excel in growth and become a customer acquisition magnet? By expanding brand awareness, establishing loyalty programs, building trust with customers, and utilizing marketing efforts.
First, What is Customer Acquisition?
Customer acquisition is the process of bringing new customers to your business. The goal of customer acquisition is to provide a steady stream of customers. As a result, these customers will create revenue and awareness. Not only that, but through retention, they will eventually become loyal customers who will make repeat purchases. This is important because 65% of a company’s business comes from existing customers. Sounds prosperous, right?
Why is Customer Acquisition Important?
Is there anything worse than a business without customers? By mastering customer acquisition, your small business will be able to create substantial revenue and traction for outside parties. It’s all about getting leads and converting them into loyal customers.
How Can Your Business Utilize Customer Acquisition?
The best way to succeed in customer acquisition is to have a strategy. Without a strategy, it’s easy to get lost. How will you know how effective your company’s approach will be? Strategizing a way to acquire customers will give a clear idea of:
- How demand will be generated
- The cost required
- How your small business will turn these leads into recurring customers
Here are some strategies to become a customer acquisition magnet and successfully grow your small business:
Increase Brand Awareness
One of the best strategies to grow your small business includes brand awareness. What is brand awareness? It’s simple, the more customers know about your brand, the higher chance that these leads could become recurring customers. So how exactly can you grow your brand awareness? Some strong methods include:
- Starting a referral or loyalty program
- Developing a voice for your brand
- Maximizing your social media presence
These are just some of the key ingredients in a delectable recipe for customer acquisition. By maximizing these, your small business will increase the chance of leads falling right in your hands and securing them.
Encourage Customer Loyalty
Who doesn’t love getting rewarded for spending? With a loyalty program, your small business can draw in new leads and encourage them to continue making purchases. With that said, retaining current customers is extremely valuable to any business. In fact, customer retention helps boost revenue efficiency and saves up to seven times the cost of investing in developing new customers. Sounds like a time saver!
Ensuring that customers feel valued by the company is an effective way to keep them around. From a discount on upcoming products and services to small company gift cards and gifts, a loyalty program can encourage potential leads to learn more, make them feel appreciated, and want to come back.
Build Trust and Empathize
The core of any relationship in life is trust. Customers want a company they can trust and rely on, simply somebody they know will have their back. So, how can your small company establish trust amongst leads? Be truthful and honest! Does your company oblige by its core mission and value statement? Provide the service and products it has promised? And provide adequate customer service?
Without a feeling of trust, customers may never return to your small business. Establishing a sense of trust could propel customer acquisition and strengthen brand image early on, resulting in significant growth.
Utilize Marketing Efforts
What about continuing to engage current existing leads? When all else fails, content marketing will not. Additionally, content marketing is effective in all three stages of customer acquisition. When nurturing leads, content marketing is a great way to communicate the benefits of your small business. This allows your company to explain the benefits of your product or service and how it is simply better than the competition.
Are You Ready to Grow Your Business?
When deciding how to grow your small business, deciding on a customer acquisition strategy is important. No matter whether you own a legal firm or finance practice, LeadingResponse can help you determine if outsourcing your customer acquisition service is right for you. Let’s get started.