Your technology stack evolves over time. Your customer acquisition strategy should too.
Odds are you test new customer acquisition approaches for target audiences — from brand awareness ad campaigns to on-site, call-to-action optimization — monthly or quarterly.
Regardless of the differences among thees approaches, the goal remains the same:
Convert paying customers through a variety of targeted marketing approaches. (And, ideally, ones that lead to low customer acquisition costs (CAC) in the long run.)
But there’s a strategic objective you must prioritize above all your tactical metrics:
Scale and streamline your customer engagement efforts to increase efficiency for marketers and accelerate business growth.
To achieve sustainable growth with your customer acquisition strategy, though, you need proven tech to help you execute, analyze, and augment your marketing activities.
The evolution of customer acquisition strategies — and why “PPT” matters
The past decade has seen companies across industries make sweeping changes to their marketing strategies. Including and especially how they go about acquiring customers.
The specific ways in which organizations convert new customers certainly varies.
Take ecommerce teams, for example.
These retail-oriented professionals routinely optimize their product landing pages. In particular, they focus on enhancing the user interface and experience of online stores.
Leveraging data for individuals who visit their sites, they can better personalize on-site messaging to those prospective and existing shoppers. This enables a more satisfactory and seamless browsing experience. And, over time, it boosts customer conversions.
Regardless of their niche, consumer-centric organizations have one big commonality:
They constantly look to gain a competitive advantage — and transform their businesses: from marketing and analytics to ecommerce and customer service.
But to realize true business transformation today — part of which entails improvements to their customer acquisition strategy — these companies need to put the right “PPT” in place:
- People: Search engine optimization analysts to improve organic rankings. Email marketing experts to share custom messaging to target segments. Social media specialists to retarget prospects. There are many teams whose focus is to acquire new customers. (As well as retain current ones.) But all of them must work in tandem to ultimately realize their acquisition goals.
- Processes: Segment analysis. Cross-channel activation. Predictive modeling. There are many tasks the aforementioned teams must tackle with the tools in their stacks. Thus, it’s vital to have clearly defined processes around who can access and utilize which solutions as well as how all technology users can work more cohesively and efficiently with the tools in question.
- Technology: Some companies rely on disparate tools (i.e., ones that don’t ‘share’ data and/or have different identifiers for contacts) to execute their acquisition strategies. However, marketing, analytics, and other growth teams need a central database that resolves individuals’ identity and syncs their attributes in unified profiles to build strong acquisition programs.
Many business leaders excel at hiring the right team members to own and aid their customer acquisition strategies and crafting processes around roles and responsibilities.
But some fall short with selecting the top tools for those charged with acquisition.
Similarly, many C-suites (see: CMOs) fail to recognize the importance of unifying their first-party data into a single source of truth and using that database as their ‘acquisition engine.’
The go-to solution for their data management issues? A pure-play customer data platform.
Notably, one like BlueConic that helps them carry out cost-effective acquisition strategies.
How the right CDP can enhance your customer acquisition strategy
Inefficiencies in your tech stack can lead to inefficiencies for your growth-focused teams. But they can also lead to poor marketing outcomes and worsening metrics. That includes CAC.
The cost of acquiring new customers continues to rise for businesses. As does the pressure on marketers and their CMOs when it comes to meet the lofty customer conversion goals.
Three-quarters of digital marketing pros surveyed by SheerID said they feel considerable pressure from executives to improve acquisition and revenue.
What’s more, half said the continually growing costs of online ads has hindered their ability to mitigate acquisition expenses. (A trend their C-suites are undoubtedly unhappy with too.)
Despite CAC woes at countless companies, many are doing the right thing: Regularly experimenting with new techniques — and tech — to lower customer acquisition costs:
- 31% of retail marketers said the implementation of recurring revenue programs has improved retention and driven down CAC. — 2019 Ordergroove and NAPCO research
- 56% of retail marketers noted renewed tech investment in their marketing programs helped drive down acquisition costs. — 2019 BigCommerce and Retail Dive survey
- 66% of marketers said the use of modern identity resolution tech has had a somewhat or significant impact on lowering CAC. — 2018 BounceX and Forrester report
The tech helping many of these marketers improve acquisition and lower CAC? A CDP.
Take BlueConic, for example. Our customers can set up custom-tailored Lifecycles that deliver relevant, timely messaging to individuals across pre-defined lifecycle stages.
One common Lifecycle marketers set up with our CDP is to acquire new customers who’ve engaged previously engaged with them.
Anonymous visitors who land on specific product pages. Engaged prospects who abandon items in shopping carts. Former shoppers who use your app but haven’t bought in years.
Lifecycles can be created for these audiences (among other segments) with the goal of enticing them to (finally) convert from would-be buyers into official, net-new customers.
Of course, custom Lifecycles can be set up for other groups of individuals too.
For instance, our customers build Lifecycles for subscribers whose subscriptions are up for renewal soon and high-value customers who buy high-priced items or frequently.
The customization is practically endless. But the point is simple: Advanced platforms like our pure-play CDP are becoming vital parts of many brands’ customer acquisition strategies.
Unified customer insights: Key to improving your acquisition marketing
If you want to evolve your customer acquisition strategy, you must tackle two pivotal tasks:
- 1) Investigate what’s currently working in your customer acquisition strategy today.
- 2) Take said strategy to the next level by syncing customer data into a central system.
Analysis is the backbone of marketing today. And that includes acquisition marketing.
Reviewing acquisition-related insights is how you can identify both the strong and weak components of your strategy and, subsequently, refine your approach accordingly.
In a CDP like BlueConic, you can view all critical customer insights in a single UI.
This enables marketing and analytics to evaluate first-party data for customers with ease.
For instance, you can use our Profile Recognition Dashboard to identify who engages with you most often, which messaging hits the mark, and which segments are most valuable.
This data can then inform adjustments to your customer acquisition marketing. Particularly your personalized and individualized messaging across marketing channels and touchpoints:
BlueConic COO Cory Munchbach noted just how crucial first-party customer data is for companies’ acquisition marketing programs today in a Q&A with Website Magazine:
“In the acquisition phase, it’s important to use first-party data — from activity on your owned properties, historical CRM insight, or social identities — to create rich segments that can be used as the basis for look-alike modeling within acquisition campaigns.”
The number of lifecycle orchestration activities you can conduct with your first-party data to strengthen your acquisition marketing efforts (and ROI from them) is quite long:
- Targeted advertising to your potential customers that accounts for past site sessions and retargeting across channels based on their online engagement
- Personalized marketing to target customer segments, like deal notifications delivered to those who submit a form and visit a product or service page X times
- One-to-one emails based on interactions (e.g., on-open email recommendations that update dynamically based on the latest user engagement and purchases)
- Real-time messaging on your site and in your apps to high-value prospects, such as cart abandonment reminders and loyalty and referral program offers to would-be buyers
What do all these activities have in common?:
When executed efficiently and scaled over time, they not only help you convert new customers, but also accelerate business growth and unlock revenue opportunities.
Plain and simple: How you leverage your first-party data dictates your acquisition marketing success. The more you utilize your data wisely, the more your business will continue to grow.
Download our eBook to learn how you can upgrade your customer acquisition strategy by investing in a pure-play CDP and adopting lifecycle orchestration.