CRM FINALS EXAM

• Customer Acquisition

  It is the process of acquiring new customers for business or converting existing prospects into new customers.
• • The whole process should concentrate on following considerations:
  • Primarily it is important to determine and focus on the psychology of customers, like how the customers feel and think and then selecting the product segment to be presented to them. 
• • The whole process should concentrate on following considerations:

  Concentrating on how the customers are influenced by the surrounding environment like the business culture, technology, media etc.
• • The whole process should concentrate on following considerations:
  • Analysis of customer behavior and tendency while buying a specific range of products.
• • The whole process should concentrate on following considerations:
  • Studying the customer’s limitation of knowledge processing power which influences the decision making power. 
• • The whole process should concentrate on following considerations:
  • Finally it’s very important to engage in the best strategies for effectively convincing new customers and improving marketing campaigns.  
• Customer acquisition shouldn’t be confused with lead generation.
• Customer Acquisition

  • It is the process of acquiring new customers for business or converting existing prospects into new customers.
• Customer acquisition is a necessary step in creating customer loyalty and can be done in many sustainable ways.
• CUSTOMER ACQUISITION STRATEGIES FOR SUSTAINABLE GROWTH

  • Customer Referral Program
  • Value-add marketing
  • Strategic Advertising
  • Brand Communities
• Customer Referral Program

  • allow your local customers to acquire new customer for you
• Value-add marketing

  • lets you acquire customers through quality content
• Strategic Advertising

  • more efficient and effective than traditional; aggressive advertising
• Brand Communities

  • act as an acquisition tool through the desire to be a part of something exclusive
• CUSTOMER REFERRAL PROGRAM

  • Customers are a great customer acquisition tool because people trust recommendations from their friends more than they do from brands
  • According to a study by Nielson, 92% of people claim to trust recommendations from family or friends. 
• CUSTOMER REFERRAL PROGRAM

  • Referral programs are the perfect way to incentivize customer referrals
  • Maniology puts this strategy into practice with their referral program that offers existing customers the chance to earn 500 “stamps” or points for every new customer they refer.
• CUSTOMER REFERRAL PROGRAM

  • Offering rewards to existing customers for sharing your brand on social media or through a unique referral link 
  • The reciprocity principle of offering rewards or discounts to the new customer is a smart strategy to encourage them to try your products
• VALUE ADD MARKETING

  • If you’ve ever discovered a brand through a YouTube video or a blog post then you’ve been exposed to some of their value-add content marketing. This is a great strategy that brands use in order to not only engage their users but also to acquire them in the first place.
  • This is a great strategy that brands use in order to not only engage their users but also to acquire them in the first place.
• VALUE ADD MARKETING

  • Video tutorials or educational articles are a great discovery tool
  • When a customer discovers you through your content it means that you’re providing them with information that is relevant and interesting to them. The great news is that content is extremely shareable, making it an even stronger acquisition tool.
• STRATEGIC ADVERTISING

  • Social media advertisements are a great example of a tool that can increase both customer acquisition and retention.
  • being able to stand out to customers with personalized ads of products that would appeal to them (like items they once viewed, items they added to their cart, or items similar to previous purchases) you can attract new customers to your store and show previous ones that you’re ready to engage with them
• STRATEGIC ADVERTISING

  • Use of advertising campaign 
  • Everything that is part of your advertising campaign such as music, artwork, images should be as it is decided in the advertising strategy. It is essential to achieve consistency when you are advertising your product 
• BRAND COMMUNITIES

  • Brand community showcases brand loyalty at its best
  • People who are emotionally invested; they will buy from your company, digest your content, tell their friends and family about your company, and more.
• BRAND COMMUNITIES

  • If you want to build a community around your brand, you need to know what your brand is. This goes beyond what your business sells or offers. 
  • This involves your mission, company vision, brand voice and personality.
• OTHER CUSTOMER ACQUISITION STRATEGY by Shane Barker

  1. Define your Target Audience
  2. Use the Right Acquisition Channel
  3.  Leverage Video Content
  4.  Go Giveaways
  5. Create High-Quality content Regularly
  6. Focus on SEO
  7.  Run a Referral Program
  8.  Create Optimized Landing Pages
  9. Improved website and Email Engagements
• Define your Target Audience

  Chances are your product is the perfect solution to a problem a certain demographic of consumers are facing.
• Use the Right Acquisition Channel

  It’s equally important to know the right channel to use to acquire said potential customers.
• Leverage Video Content

  People tend to be visual learners and videos are one of the best ways to inform prospects about your brand and your products.  
• Go Giveaways

  Offering a chance to experience your products, first hand, is a great way to give them that extra push they need to seriously consider you as an option.      
• Create High-Quality content Regularly

  Content marketing is easily one of the most effective and evergreen customer acquisition strategies
• Focus on SEO

  Improve the rankings of that very content on search engines; making your content more visible and discoverable by your target audience.
• Run a Referral Program

  You can offer current users incentives like extra features or discounts to incentivize them to refer your services to others.
• Create Optimized Landing Pages

  It helps direct consumers to your product or service ,a compelling call-to-action that facilitates conversions.
•  Improved website and Email Engagements

  It helps you stay in front of your target audience, promote your content, discounts & product information.  
• CUSTOMER ACQUISITION FRAMEWORK by verhoef and donkers (2005)

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• Customer Acquisition Further Explained

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• According to Verhoef and Donkers (2005) ‘’acquiring customers has become a more complex task than it used to be because each channel has specific characteristics’’.      
• The customer acquisition framework can be divided into two sections:   

  • Foundation
  • Execution   
• • Foundation - This section revolves around understanding and aligning your marketing actions with the overall goals of your business and the customers your business is trying to attract. 
• • Execution -  This section is focused on execution. It starts by looking at what content you need to create and then looks at the channels it will get distributed through, the data you need to collect, and the tools needed to successfully execute your customer acquisition strategy.       
• FOUNDATION LAYER

  • GOALS
  • Every marketing strategy begins with goal setting. 
  • How do you know whether or not your marketing and sales activities have been successful if you never benchmark them against anything?
  • A study conducted by Bain & Company indicated that strategic planning tops the list of large corporate priorities. 
  • Setting goals provides a sense of direction and urgency to match the tactics you’ll use to get there