The importance of acquisition marketing cannot be overstated. While it is critical to make sure that customer retention rates are healthy, businesses also need to keep a steady influx of new, valuable clients flowing. Growing any organization relies on the right strategies and even more so, the right insight. Considering how many enterprises are using more creative methods of acquisition, it is important that firms take a savvy approach to attracting consumers in order to maintain a competitive edge.
One key reason that every company needs to engage in acquisition marketing is that these initiatives often involve gaining a better understanding of consumer desires, fueling results at all levels of the organization. After all, in order for a business to grow its customer base effectively, it is critical that they are honing in on the right markets, and this can be challenging for many companies. According to Portent, one critical thing to keep in mind is that while gathering information is crucial, this data is useless unless it is converted into knowledge. The source noted that enterprises which only rely on information are bound to blend in with the crowd of options today’s consumers have, while those that leverage knowledge can engage in innovative efforts that will set them apart from others.
Acquisition marketing provides a meaningful framework within which to turn information into knowledge and see the impact of doing so. These efforts give businesses a reason to take the extra steps involved in reaching real insight and wowing potential customers. And this is extremely important, as today’s customers want to be more than just a number to the brands they use.
The Harvard Business Review emphasized that forging this emotional connection between the customer and the company is essential, and firms can only do so when they know their target audience. The source noted that many of the organizations that started up during the age of Facebook are strong examples of how these bonds fuel acquisition. These brands, such as Lululemon or Warby Parker, have created genuine, personal relationships with their clients, and that allows them to harness the power of word-of-mouth recommendations. When businesses connect with their clients, those individuals are happy and enthusiastic to bring others into the fold.
Of course, there is more to acquisition marketing than getting to know potential customers. With these insights, businesses are empowered to make more highly tailored and valuable offers to consumers, showing them that making a purchase, signing up or upgrading one’s service is a way to enjoy ongoing savings on the things they need and desire. This drives acquisition and loyalty, ensuring not only that customers are happy, but that the company sees strong results.