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DownloadHow do you stand out and acquire customers in an increasingly oversaturated field? A strong customer acquisition strategy is more than just competing for attention. Use this Customer Acquisition deck to help get organized as you segment, prospect, qualify, and maintain high-value leads.
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DownloadCustomer segmentation organizes the acquisition strategy through the division of opinions, behaviors, brand loyalties or frequency of use. [/italic](Slide 6)[/italic]
A customer needs analysis guides how to address customer demands by who they are, what their activities are, and when they decide to buy.[/italic](Slide 9)[/italic]
Break down your customer acquisition cost across sales and overhead spendings with editable tables.[/italic](Slide 20)[/italic]
A solid acquisition strategy aligns your products with the right market and gets the words out through the right marketing channels. More importantly, acquisition strategy is bolstered by customer retention and loyalty. So make sure you align the marketing, sales, and customer success teams to turn warm leads into recurring and referring customers.
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Here are seven common factors of customer acquisition to consider: the features that distinguish a product or service; the assurance, or trustworthiness, behind how a brand is perceived; the benefits provided to customers; the pricing strategy; the relationship management between the company and its customers; the presentation of products or services; and the experience of a customer's journey.
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For example, You're a popular automaker and your best-selling car is a hybrid SUV while you are about to launch a new EV sedan. Each product poses different priorities for your customer acquisition process.
This new EV model's features are that it is fully electric with a long battery range ideal for commuters. It also has a smart display and features the latest connected vehicle mobility applications. The assurance for your brand comes from previous customers and a legacy brand name that families of all walks of life trust. All of your models are known as low maintenance with high mileage. The benefits of this EV are that money-savings on gas and lower carbon emissions, providing both private and public goods that many customers value.
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Its pricing is mid-level and reasonable. But because it's fully electric, it does have a slightly higher price point than traditional ICE engine or hybrid models. Despite this, customers may value the long-term savings from not paying for gas to the advantage of your acquisition strategy.
Your relationship with customers is the strongest asset, and you believe a percentage of existing customers can be fairly easily converted to this new model due to brand loyalty. The presentation is simple, with sleek and contemporary interior and exterior design.
Although experience includes both pre and post-sale, when it comes to new customers, the pre-sales experience is the priority. Analyze the process as the customer receives an initial quote, arrives at the dealership or showroom, test drives, and finally signs the contract. For today's market, an omnichannel experience that takes online sales into account is also vital. (Slide 3)
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Next comes the standard target audience analysis. Before sales and marketing teams plan out their strategies to warm up potential leads into customers, it's critical that they understand who they are about to talk to. Break customers down into behavioral, demographic, geographic, and psychographic segments to get specific with targeted messages.
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Let's say you want to take a psychographic approach to segment customers for a hybrid SUV car. The lifestyle of this segment would be busy parents with at least one child, who frequently run household errands or need multiple seats for family trips. Their personality is practical and they value stability.
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Using the same psychographic approach for EV customers, however, the lifestyle of this segment would be a forward-thinking early-adopter with a more curious and adventurous personality. They value longer-term decisions, as sustainability is a trend to stay.(Slide 4)
When it's time to determine the market size, the top level denotes the total addressable market (TAM), which is the entire potential market despite the ability to reach and serve them. Then comes serviceable obtainable market (SOM), which is the part of the TAM that a company can actually be reached and served given the right marketing. Last but not least we have serviceable available market (SAM), which is the portion of the market that can realistically be captured after considering competitors in the same market space. Unique to this diagram is this innermost circle, which can be used to denote potential leads.
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Let's say your salesforce is planning their Sales Strategy. They will want to determine what portion of the entire SAM they can realistically begin to work on. It's important to discover what's realistic and adjust that number over time. (Slide 5)
When it comes to market size, numbers are usually in terms of monetary value, not population size. That's because certain markets are more lucrative than others. For a more detailed breakdown of how to segment your target customers, check out Slide 6 in this deck.
Customer segmentation by region is another useful approach. A global company can break down what percentage (or dollar amount) of sales comes from each region, with pie charts that can be tailored to any criteria of comparison.
For example, the chart could be used to show that 90% of sales come from North America. Or it could be used to show a target to increase market share across North America by 90%, etc.
This type of visualization is helpful for relatively large brands that have been validated on a national level and look to expand. When it comes to market expansion, there are other implications in addition to numbers. For instance, there could be a need to develop an entirely different acquisition strategy based on customer preferences and cultures unique to that region. For additional resources, check out our presentation. (Slide 7)
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Use a prospects dashboard to gather and visualize target customer information. This also provides an easy view for the sales and marketing teams.
Think about the audience for the automaker's new EV. The target age group is made up of mid to senior level professionals between their 30s to late 50s, typically with an above average income.
Since device usage is a critical aspect for marketing optimization nowadays, you discovered that they use mobile 90% of the time. This means they more likely discover new brands and products from the palm of their hands or while browsing casually. This could mean it's more efficient to market on a mobile-friendly channel like Instagram.
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As 90% of these target prospects are white-collar workers, a key benefit could be money-savings and increased comfort from commutes to work.(Slide 8)
A team funnel divides up the sales funnel and customer lifecycle across the various teams involved and the roles they each play.
For example, the marketing team gets the word out, procures inbound and outbound leads, and delivers visitors who become qualified leads to the sales team. From there, the sales team qualifies the prospects and converts activated users into customers. The customer success team then onboards, renews, or upsells services to keep existing customers happy and convert them into loyal, returning customers who refer friends.
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The customer success team is a vital part of the customer acquisition process, especially when it comes to products with premium prices and higher profit margins. In the case of your new EV line, the investment into early adopters can create positive feedback that eventually convinces more risk-averse customers to give the new model a try. In the automotive industry, a good referral can literally sell another car. (Slide 10)
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This source chart is used to visualize where new customers came from. Synthesize and collect data to demonstrate your strongest acquisition channels to double down on. Because this slide is a chart and it's flexible to change the categories. Feel free to adjust the data to reflect new customers by region, new customers by spending, or other determinants you prefer. (Slide 13)
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A lead generation strategy covers components used to convert leads. These columns have suggestions with suggested common focus areas. But keep in mind that lead generation strategies differ between businesses. One company might rely more on SEO while another relies on walk-ins or social promotions.
Let's say you want to create a lead gen strategy for the EV launch. You can use a targeted SEO strategy to generate buzz with keywords that emphasize vehicle benefits, like its affordability, long range, and cost-savings for commuters.
Your content strategy includes a splashy landing page that takes pre-orders a breeze and stunning video ads on social media and streaming services. You want to attract early adopters, so perhaps advertise on tech platforms or emerging technology podcasts.
With enough pre-orders, use an email marketing promotional strategy to count down to your official launch. To analyze success, count how many video ad views convert to page views, how many page views convert to pre-orders, etc. Then it's up to your sales team to convert the leads into sales.(Slide 15)
AIDA is a popular sales framework that covers activities across four key phases: awareness, interest, desire and action. While awareness, interest and desire are more related to customer acquisition, action covers the tactics and key activities used by the sales team to close a lead. For more resources related to AIDA Sales Model, we have an entire deck on the subject available in our resource library.(Slide 16)
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A lead scoring sheet can analyze the quality of leads. List prospects by demographic, age range, behavioral segment, or any other factor of importance. Survey and assess, then score them in a piechart or assign them a numerical value to determine their quality.
In the case of your ideal EV customer, does the prospect intently browse vehicles online for more than 5 minutes, or they just here to skim for a few seconds? Is the web traffic your landing page receives primarily from websites based in North America, or are they abroad in another region? If they are overseas, are they in an emerging market with a strong EV customer base? Compile the data with the lead scorecard, then distribute it as a cheat sheet for the sales team to qualify leads based on these priority factors.[/italic](Slide 18)[/italic]
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To determine the customer acquisition cost of sales and marketing activities, a cost sheet can be used to estimate the total CPA across multiple acquisition channels. Enter input variables alongside their respective quantity and rate of conversion, then factor in with and without headcount costs.[/italic](Slide 19)[/italic]
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You can also determine the overhead costs for the sales team and their managers with a separate overhead customer acquisition cost sheet to quantify existing salary and expenses for an in-house salesforce.[/italic](Slide 20)[/italic]
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