Gaining a new customer is not the easiest thing to do.
The process is time-consuming and you may need extra funding. But if you want your business to succeed, you will have to do the hard work.
And you know, increasing your customer base impacts both your profits and brand recognition.
But no matter how many customers you want to get...
Whether it's your 100th or 10,000th or 100,000th...
It takes hard work to get new customers.
But don't fret. Reading this blog will help you get a hundred more!
So first, you have to ask yourself...
What Is Customer Acquisition?
Customer acquisition is the process of attracting targeted customers to your business.
This is a way that's repeatable and measurable.
This means that you want to reach your audience in a consistent and systematic way.
Often, it is illustrated as a funnel...
This shows the Customer Acquisition Process... that shows how customer acquisition happens at different stages:
Customer Acquisition Funnel
A customer acquisition funnel shows the journey that potential customers take.
There are three main stages in this funnel:
At this stage, the focus is on generating awareness and leads among your target audience. Here, you are targeting a broad audience. But they may not have definite intentions to buy yet.
The next funnel stage is...
Your prospects now move from the Awareness stage to the Consideration stage. That means they took action. Hence, that indicates that they may buy.
And the last funnel stage...
At this point, the prospects usually indicate an intent to buy. They can sign up for a free trial or add items to their cart.
Your online businesses have many different options for finding and converting new customers.
Nowadays, it's easier to assess exactly how your business acquires new customers.
Also, it's easier to test and scale new marketing tactics and then measure.
Measuring customer acquisition cost is next.
How To Calculate Ecommerce Customer Acquisition Cost?
Calculating your ecommerce customer acquisition cost is important.
It shows if your marketing efforts are working.
To determine your ecommerce acquisition cost:
Divide the total marketing cost by the number of new customers.
Suppose you spend $100 every month on content for your Facebook page that brings in 10 followers.
So, your Customer Acquisition Cost (CAC) would be $10:
marketing spend ($100) ÷ new customers ($10) = CAC ($10 per customer)
CAC calculation can assess the profitability of a marketing approach.
You can do it by comparing the cost per new customer against your average order value.
Using this formula, you calculate a one-time profit. But, if your customer is satisfied, they might buy again. That is, with little or no further cost to you.
Remember that returning customers have a higher lifetime value. This is the cumulative amount spent with your business over time.
You can estimate your expected total profit using the formula below. (This is based on your average customer lifetime value or CLV)
Customer acquisition costs more than selling to a current customer.
So, don't stop after the first sale.
Knowing the costs will help assess if your customer acquisition strategy needs to be revamped.
But... spending money on marketing campaigns doesn't guarantee a high return on investment.
In this case, a more effective customer acquisition strategy can come in handy.
And in developing this strategy, you must use the right channels to acquire customers.
Now, let me show you...
Top 5 Ecommerce Customer Acquisition Strategies To Get Your Next 100 Customers
1. Identify Your Best Customers
First things first... Customer research is essential. And don't just pick any customer - find your best customers.
And they are the people who show interest in your products. They are the ones who read all your emails... the ones who check your product pages regularly and give you glowing reviews.
After you learn who those customers are, you'll know who your ideal customer is. And once you know your ideal customer...
You decide what message will resonate and what channels to use to reach them.
This brings us to #2...
2. Establish Key Channels for Reaching Customers
A marketing channel is a way to engage with customers. Take these top customer acquisition channels:
Email marketing is a reliable way to reach out to your market. You can send out promotional emails. As well as discounts that can pique interest.
Also, email marketing is one of the most effective lead-generation investments. Because it produces revenue for ecommerce businesses.
As the quote says:
Never forget social media is for reach but email is for revenue. - Bryan Eisenberg, authority & pioneer in online marketing
So take your email marketing seriously!
Here, Google is often the first place consumers turn when searching for products. So, you have to create content that contains relevant keywords. It helps your ecommerce brand to rank higher in Google search engine results pages.
Then here comes...
This is another way to reach your customers. You can post updates on Facebook, Twitter, Instagram, and TikTok. This is good for online audience building.
Using these platforms will not just drive traffic to your ecommerce site. It will also increase your sales.
Another effective channel is...
You can run ads on Google, Facebook, or any other platform. These platforms offer extensive measurement tools to help you maximize your budget. Plus, you can also optimize your ads.
Most social channels, marketplaces, and search engines also allow you to buy ads. So your decision should be based on knowing your audience... and where they spend their time online.
Since it's paid advertising, it's a sure way to get your next 100 customers.
The next channel is...
Referrals are crucial to your business. One Nielsen study shows the power of word-of-mouth referrals.
Because 84% of respondents believe that this type of referral is the most trustworthy.
This needs work on your end. So make it easy for your customers to refer their friends to your business. Set up a referral program for your customers. Reward them each time they get someone new to buy from your ecommerce store.
Here's another channel to focus on...
Content marketing can cultivate customer relationships. Why not create an interesting blog? This is an effective way to reach your target audience. When you write about your expertise, you build authority around your industry.
That way, you can surely build trust, and promote your product. And, isn't it a great way to entertain?
The next channel is important...
This is a popular form of online advertising. Here, you can get popular YouTubers and bloggers to endorse your product.
So, finding the right one to market your product is crucial. Pick the one with an active following. And the ability to produce content that goes with your brand's voice.
The goal of influencer marketing is to expose your product to a larger audience. In return, you can acquire new customers from their following. This helps your brand awareness. So that your product will be top of mind to them.
It's true these channels can bring you, new customers. But the question is: Which channels draw the right customers? It is important to identify which channel works best for your business.
Having laid down the channels...let's get to the next strategy!
3. Build Personalized Relationships
When you interact with prospective customers, they may hesitate to buy at first. You have to wait for their decision for a few days. Or weeks... Or even longer!
But don't let this stage go to waste. Take the time and opportunity to build relationships.
You can build connections with people online in the same way that you do in person. It is more about keeping in touch with them and remembering what they said last time. To put it digitally, that means creating a personalized experience that is memorable. And feels more human.
Use automation to scale your personal marketing efforts. For example, you can send emails to new subscribers who haven't yet made a purchase. Use automated email flows.
Now let's get to the 4th...
4. Cart Abandonment Targeting
A customer abandons their cart if they add an item to it but don't check out.
This is one of the biggest challenges in ecommerce. But, it's also one of the best opportunities for marketing.
How is that possible?
You can send emails that remind customers about their abandoned carts. Or, sending a personalized note lets the shopper return to the cart with a simple click. Also, you can provide discount coupons or customer reviews to increase conversions.
Pop-ups can be used to save abandoned carts. Ask them to sign up for your newsletter and provide them with a coupon code to use.
To learn more, check out our Ultimate Cart Abandonment Guide For Ecommerce Stores.
And fortunately, Debutify can help you with this issue. It has cart maximizers that can help reduce cart abandonment.
5. Run A Contest
Running giveaway contests helps you find new customers. You can use this to get people to share your brand.
You may offer to pick a daily winner in order to build a buzz around your product. This way, customers will feel like they have a better chance of winning. This strategy will allow winners to tell their networks they won. What a great way to create a buzz!
These are the 5 customer acquisition strategies... but wait! Because it's getting better! Just one more...
BONUS: Traditional Advertising
All marketing is based on traditional advertising since decades ago. According to MarketingSherpa, print, and TV ads remain the most trusted channels.
In other words, digital marketing has not replaced traditional advertising. Because, traditional advertising still works well for reaching new, targeted audiences.
That's all for today! Implement these 5 Customer Acquisition Strategies and...
Get 100, 200, 300 Customers More!
Overall, customer acquisition takes time and effort. It takes time to build everything from brand recognition to word-of-mouth referrals.
But, winning a customer is always worth the effort. It's your ultimate goal.
But in order to pull this off, you should have a functional ecommerce site that your customers can enjoy.
And this is possible with the help of Debutify!
14 Days Trial. 1 Click Installation. No Credit Card Required.