After the launch of the eCommerce Store, identifying the important factors like which market and customers to focus on is not the end. To initiate a sales generation, organizing a sales and marketing team is the next step. But, now what? Unless both teams defined a common vision, the target is yet far. An important consideration that is yet to make is who would be the targeted customers and how to achieve them.
The whole propaganda depends on a common Customer Acquisition Process where both the teams will work on a common goal, by identifying, enlisting, gaining, and converting the target into potential customers.
The process is not easy for the organization, therefore we have created this blog to make them aware of what the Customer Acquisition process can be followed to attract your prospective customers.
Let us start with an introduction to Customer Acquisition
Customer Acquisition means gaining new customers or existing prospects to become new customers for your business. The targeted customers are those who are not aware of your products and services or they have bought from your competitors.
The business should be ready to prepare a high budget for acquisition as well as customer retention as both are important for the business. Commonly, the cost of the Customer Acquisition process measures how much value customer is bringing to your businesses.
The Customer Acquisition process depends on the strategies that involve systems and methodologies to manage customer inquiries. Few strategies are customer loyalty programs, customer referrals, and so on.
Is your eCommerce Store Ready for Customer Acquisition?
When thinking about considering the Customer Acquisition process, there’s a lot to consider beforehand. You have spent a long time developing an online store and products it showcases. Therefore, your strategy to execute the acquisition process should hold high importance.
Before proceeding ahead, first, answer yourself few questions:
- Whether your product is ready for some or all customers?
- Will customers get a good experience or still, a few bugs are uncovered?
- Is your store server ready to take on high traffic?
- Does it your product reliable for targeted customers?
- Is your support team ready to respond to a customer inquiry?
A little hitch may hamper your business identity, invest little extra time, and effort to build a flawless online store catering featured products.
Why you Need a Defined Customer Acquisition Process?
Although we know it’s not possible to create a linear process to acquire customers, however, we cannot deny the fact planning ahead is useful and necessary. It’s the best way to execute every step carefully, and even any glitch can be solved if arrived in a process without beginning from the initial stage.
Customer Acquisition Process required strategies to build up that prove to be effective. First, prepare a plan and implement it later.
Define the Target Prospects
Your acquisition process begins with identifying who are the potential or targeted customers for your business’s success. Find out who are they, how to gain them, how you can talk with them, or how you can sell your products to them. Finding the right customers for your products will help in knowing which individuals are interested in buying your products or using the same type of products from your competition.
How to Reach Targets?
After deciding who the target is, find ways how to contact them. Do research, survey, call, email, or use analytics tools to find the right customers for your products. If you are able to acquire new customers, then chances are turning them into potential buyers.
Hire Right Staff
The customer Acquisition process requires hard work and dedication. Therefore, hire the right people who understand the process correctly and implement it. Your employees should wear the hat of their defined responsibility to work accordingly. Suppose, a salesperson should always be ready to identify what a customer wants by collecting data from their ongoing conversations or interaction with other ways. They should be able to understand what a customer wants and offers a relative product that the customer finds valuable.
Even if we talk about support, the development team should be ready to tackle any unexpected error in your store. Moreover, the support team should respond to customer queries immediately to serve a flawless experience.
Define Customer Acquisition Cost
Before on-boarding, the Customer Acquisition Process, determine the cost you will have to bear to implement the process. Remember, companies have to spend more without assuming the customer spends like. Commonly, the cost is calculated as the total cost spends on the acquisition process (sales and marketing cost) divided by the total new customers acquired in the given time frame.
This cost holds important consideration to define customer value. Companies expect a return on investment with this acquisition process. The ultimate goal is to gain a high ROI value to the customer acquisition cost ratio.
Create your Product Demand
Though you know the fact, big brands already have a large number of customers who are aware of their brand. Acquiring new customers won’t be a big challenge for established organizations. However, bigger challenge bombards for the startups or small brands where they require to inform customers about their existence, be with them throughout the process, tell them how much you care or how effectively your product meets their demands.
Why Customer Acquisition is Important?
If using the Customer Acquisition right way, it would be easier for the companies to gain potential customers for their business. Especially, the startups or new companies require focusing on the acquisition concept to deal with the new customers ideally. Remember, the Customer Acquisition cost is higher, therefore prepare a separate budget for it.