4 Ways to Improve the ROI of Your Customer Acquisition Strategy
A major goal for most businesses is the acquisition of new customers. It is easy to determine the importance of new customers to your business, however, attracting and converting a new customer is not a stroll in the park. It is proven that more companies and agency clients focused more on customer acquisition than […]
A major goal for most businesses is the acquisition of new customers. It is easy to determine the importance of new customers to your business, however, attracting and converting a new customer is not a stroll in the park. It is proven that more companies and agency clients focused more on customer acquisition than customer retention (44% vs. 16% for companies and 58% vs. 12% for agency clients). A major reason for this is customer acquisition strategy yielding low ROI. In this article, you will learn four (4) ways to improve the ROI of your customer acquisition strategy.
1. Analyze your Audience
What is Target Audience Analysis? Everyone that might be interested in your product or service is your ‘Target Audience’. Audience analysis should be a key component of your customer acquisition strategy. The essence of adopting this strategy is to identify and assess your audience. Even if you have a huge budget, you will not want to waste time, effort and money in reaching a wrong audience. Bear in mind that your target audience comprises different people who have a different problem, visit different websites and hang out on different social media. For instance, if your product is Word Processing Software, your target audience (persona) will comprise freelance and professional writers, students, and editors, etc. You will have to approach them using different content. This will not be possible without a proper understanding of audience analysis.
Benefits of Target Audience Analysis
It helps you to identify and target unique audience that may be interested in your product or service.
With it, you can create personalized content tailored to meet the need of targeted people group.
You can build a long-term relationship with your customers while meeting their specific need
It helps to Increase conversion rates leading to increased customer base
Planning your Audience Research
The scope of your research will depend on the size of your campaign and the knowledge of the niche you are working on. Since your research will involve an interview with a real customer, you should be equipped with the right question or a template to guide you. The proper thing to do is to start on a broad scale and narrow it down. Get started with an overview of your website audience using Google Analytics. This tool is great in that, it separates your audience information into demographics and interest.
You need to be equipped with the right demographic data for your customer acquisition strategy to be effective. Particularly, if you intend to advertise on social media – Facebook, Twitter, LinkedIn, etc. The effort you put into getting the right demographic data will pay off because your advert will reach the right audience and not be restricted by the promotion channel. Below are examples of demographics your audience could fit into. The list above is not exhaustive, also remember you don’t have to waste time on any demographic data that have no relevance to your product or service.
Psychographics data includes customer attitudes, aspirations and other psychological criteria. Three major areas to focus on are – interest, activities, attitudes or opinions. You can collect Psychographic data through surveys, an interview with a customer, and website research. You can also use analytic tools like ClickTale, CrazyEgg, Bounce Exchange, and Qualaroo. Data gathered in your audience analysis becomes the metrics you will use in decision making on how best to reach your audience. No more guesswork.
2. Engage With Influencers
Influencer marketing is a new and growing phenomenon in modern marketing. According to a survey of 272 marketing managers, Influencer marketing is the fastest growing online customer acquisition strategy. Traditional marketing and customer acquisition strategy are diminishing in impact. Majority of marketers believes that through Influencer marketing, companies gain high-quality customers. Source: Tomoson When you engage influencers, it will improve your brand advocacy, create awareness for your brand and help you reach a new targeted audience. Influencer marketing can open a new spectrum of the audience for your company to connect with. According to a survey, 49% of potential customers rely on influencer’s recommendation. Prospective customers feel safe when influencers make recommendations. The assumption is that the influencer trusts the product/ service and that it will meet expected needs.
Why Engage Influencers
Incorporating Influencer marketing into your customer acquisition strategy is a great idea for reaching your target audience. Here are reasons you need to engage influencers.
Influencers have access to a different and larger audience than your company
You will see more click-through (conversions) if an Influencer shares your content with their followers.
With influencers, you can build a cordial and lasting relationship with your clients/ customers.
Influencers deliver a greater return on investment- an average of $6.50 in revenue for every $1 spent.
Where to Engage Influencers Facebook: Facebook is the leading platform as far as influencer marketing is concerned. Blogs: Blogs occupy the second slot. Other platforms where you can engage influencers for your customer acquisition include YouTube, Instagram, Twitter, Pinterest, Google+ etc.
Guide to Define your Influencers
There are hundreds of thousands of influencers online. All of them cannot be good for your brand. The result of your audience analysis is key in choosing the best influencer for you. The best influencer (s) for you is the influencer that have access and influence over your target audience.
The potential influencer must have a large following. You may have to do a little research to find out. Check out their social media channels to determine their cumulative fan base.
These refer to the content the prospective influencer has been sharing. Does it match your own content goal? You want action and not awareness.
Bossism: You can use the sites influencers search tool. You can also keep track of the content your influencers are sharing. Followerwonk: This is a Twitter analytics tool. You can use it to search for user bios of individuals. Little Bird: A quick way of finding and analyzing thousands of influencers; particularly those validated by their online peers.
Basic Steps to Engage with Influencers
Create a natural bond: Build an organic relationship. Start by following influencer across platforms and also engage with their content. It is relationship before business opportunity.
Start Giving: Don’t be a taker, it shows ulterior motive. Look for ways to help
Deliver Value: What value can you offer the influencer? What is his/her pain point and how can you be of value
Commendation. Let them know how they inspire you. Everyone can connect with commendation and not flattery.
Talk to their agents: Many top influencers have agents. Go through their Agents. Respect laid down procedure.
3. Offer a Demo of your Product
A product demo summarizes how a product works. Anyone interested in your product demo will get to see its features and benefits attached and how to use the product. A demo is a popular strategy that companies that sell products use as a lead magnet. Your company can give your website visitors or attendees at your webinar the chance or opportunity to ‘test’ your product. To ‘test’ the product, your visitors will have to give their email or other details on your opt-in form. Kissmetrics used product demo to increase their conversion by 10% when compared to free trials. You are not pushing for sales at first, but through product demo offer, you can collect the email address of people in your target audience. A study reveals that people that give their email address are 7 times more likely to purchase the product, Look at this demo offer from LeadsBridge
Create a Great Demo Video that converts
Another workable strategy is to create a Video Demo for your product. The video demo could show how to assemble and operate your product. The video demo of your product should:
Address the problem that the product solves
Give a value proposition – What the product can do and its benefits
Show how the product works to solve the problem
Provide a strong link between what the products do and your customer’s pain point.
Give a strong call to action at the end
Give your video demo good background music. However, don’t allow the background music to override the narration. Else, your target customer will only remember the music and not your sales pitch. Let the video transition be seamless. In using text- use clear font type, size, and color on a contrasting background. Find more information on product demo here.
Promote your Product Demo
Do a promotion for your product offer and your Product demo video. On your website, you could insert a ‘request for demo’ form or place a call to action as shown in the example of LeadsBridge above. You can promote the product demo video on video-sharing site or on a platform where your target audience hangs out. Your video could also serve as the content that your Influencer will share with their followers. Sharing videos is an endorsement from the influencer.
Should you request a Credit Card for demo sign up?
There are two different schools of thought when it comes to requesting credit card while signing up for demo – one for and the other against the idea. Not requiring a credit card at sign-up stage makes the prospects more inclined to sign up. Majority of prospects considers giving out of their card details as a greater commitment to a product they have not tested. The report of the study conducted by Totango revealed that trial sign-ups and eventual trial conversion was more successful when prospects were not required to give the credit card details. Mark Cuban says is all, “Make your product easier to buy than your competition or you will find your customers buying from them, not you.”
4. A/B Test on your follow up
A/B Testing, otherwise known as split testing or bucket testing is a comparison method employed to test the effectiveness and conversion of two variants of a web page or app. It’s a test of better performance between variants of the same web page or app. In the experiment, two or more variants of the same page are shown to users/ visitors. Statistical analysis is then carried out to determine which of the variants performed better based on conversion goals. Two Variants of the Same Page Source: Optimizely For instance, you can test your landing page and create variations. Items to on your landing page includes–headline (Header), photography, call to action, adding a video, position of adverts, follow up, etc. If you are thinking of optimizing your company’s website, A/B testing allows you to make better informed decisions. You shift from guesswork to factual decision. Testing provides you with metrics that produced positive According to Optimizely, an experimentation platform, ComScore A/B tested logos and testimonials to increase social proof on a product landing page and increased leads generated by 69%. Marketers can test their ad copy to learn which version attracts more clicks. When you also test the landing page of your website, you can know which variant (layout) performs better in converting visitors to customers. It is better to test one change at a time to correlate the change and its effect on visitors’ behavior. A/B Testing Process and Framework
Data Collection: This is the first step in A/B testing process. Check Google Analytics on your website to identify depending on which page has the highest traffic. It is better to start with high-traffic areas so you can gather data fast.
Identify and Set Goals: This depends on what you want to achieve. However, conversion goals are the metrics you will use to determine which variants perform better.
Come up with Hypothesis: Come up with assumptions, premise why you think the variants will perform better than the existing version. Prioritize your ideas.
Create Variations: If you don’t have a webmaster, you can outsource the project of creating variations of the page. You can also use an A / B testing software.
Result Analysis: Analyze your result to determine any statistical difference.
The 4 different ways of improving the ROI of your customer acquisition strategy discussed in this article are tested and proven. None of the methods require a huge financial budget. Your company can use any of the strategies singly or in pairs. The different methods will produce a varied result, depending on your business, product, and service. You can adopt any method after careful consideration.
4 Lead Generation Ideas To Rethink Your Strategy
Coming up with lead generations ideas and a subsequent strategy is not for the faint of heart. But, if you’re not consistently generating leads for your business, sooner or later you are going to regret it. Generating qualified, targeted leads is essential to the wellbeing of every business, but what are lead generation idea all […]
Coming up with lead generations ideas and a subsequent strategy is not for the faint of heart. But, if you’re not consistently generating leads for your business, sooner or later you are going to regret it. Generating qualified, targeted leads is essential to the wellbeing of every business, but what are lead generation idea all about, exactly?
What is a Lead Generation Strategy
A lead generation strategy is a set of marketing activities implemented to actively attract potential customers to your business to convert them into clients. An effective strategy is structured in several stages and it involves different activities, from the generation of traffic, the acquisition of the lead and the conversion into a client. The last stage of the process is clearly the dearest to most businesses, up to the point that 70% of marketers say that converting leads into customers is their top priority. Even though converting leads into customers is what determines the final success of lead generation ideas, the real main challenge for most marketers, is to generate highly qualified leads in the first place. In fact, when it comes to lead generation ideas and strategy, it’s easy to get lost in old ideas and obsolete best practices. As anything else in the online marketing space, lead generation strategies are subject to the exponential growth of the market. Therefore, marketers need to adapt and be constantly looking for the most efficient ways to generate the best leads.
4 Lead Generation Ideas for the Best Leads
If you are one of those marketers, looking for inspiration to generate more qualified leads, these are 4 ideas that will make you rethink your strategy:
#1 CONTENT MARKETING
The “Content marketing is king” statement is now largely supported by numbers. More than half of marketers say blog content creation is their top inbound marketing priority, and a 45% of them refers to content marketing as the most effective online lead generation strategy. If that wasn’t enough, a research by Demand Metric shows that doing content marketing costs 62% less than traditional marketing and it generates approximately 3 times as many leads.
Photo from Search Engine Journal
That said, a content marketing strategy is not necessarily easy to implement since it includes a variety of content types that goes from blog posts, to lead magnet, videos, webinars, podcasts and so forth. As you can see in the chart above, some type of content performs better than other. But it’s important to consider that, as the market gets more and more saturated, the way people consume content changes. Many marketers are investing a lot in video content for their content marketing strategy. The numbers of active users on the two main video platforms, Facebook and YouTube, are a great incentive with respectively 2 billion and 1.5 billion monthly users.
Monthly Active Users on Social Media
Regardless of the type of content you choose to implement in your strategy, the most important idea to take away is that quality content production drives quality lead generation. Investing in producing original and useful content will set you apart from the huge amount of mediocre content shared every day.
#2 ONE-PAGER LEAD MAGNET
Offering content to download to website visitors, such as a lead magnet, is one the most effective strategies to drive leads to conversions, especially in the B2B industry. The kind of lead magnet offered then becomes crucial. Considering that most of the people are generally busy and might not have the time to read a 50-pages long ebook, a better option is to create a “one-pager” lead magnet, a very short document that cuts straight to an ultra-specific solution to a very specific problem that your readers have. The goal is promising your leads solving that problem by giving them a practical list of things to do or by giving them practical tools to make their life easier. A few examples of one-pager lead generation ideas are:
A checklist is a list of actionable points that your audience can follow and apply to grow their business in some aspect (eg. how to us drone footage for real estate marketing videos)
2. List of tools
A list of tools is simply a list of resources to increase a prospect’s ability to level his business up or simplify his day to day work-life (eg. a collection of online tools or services free to use).
A mind map is a simple way to visually organize information and to help someone to better understand a process so that they can go through it by themselves. It is like a flowchart, where people are guided step by step to a procedure that will get them from point A to point B (eg. how to properly set up an e-commerce store).
A template is a pre-designed model to produce a more effective, nice-looking and professional output. They are usually highly appreciated because they are easy to customize without needing technical skills (eg. sales email template).
#3 QUORA & MEDIUM
Diversification is key to succeed in the lead generation game. Today’s online market allows marketers to leverage different channel of communications to attract potential clients, for example by answering questions or participating in communities threads with valuable insights. Two rapidly growing platforms to implement this subtle marketing strategy with the goal to generate qualified leads, are Quora and Medium. Both platforms are largely populated by highly educated people, but for different purposes:
Quora is a community where you get to answer the most relevant questions about your industry. To understand its huge potential for lead generation, it’s important to consider this data: 55% of consumer would pay more to have a better customer experience and “89% of consumers have stopped doing business with a company after experiencing poor customer service”. That says a lot about how much customer service weights to the success of a business relationship. On Quora, potential customers are constantly asking for help about some issues that they are facing. A tremendous opportunity for marketers to serve them, simply by providing useful answers, before they even know about your business. A very effective strategy to win their trust since the very beginning. A few tips for an effective Quora lead generation ideas are:
The first thing users do after receiving a good answer from a contributor is to check his/her profile. It’s important to optimize your profile to inspire trust. Use a nice picture and edit your description, by sharing few words about yourself and the company you work for. The profile can be edited similarly to the home page or welcome page of your website, including social proof, collaborations or particularly important achievements in your field of specialization. Also, add some link to your landing pages, courses or free resources to drive traffic to your best content. Include as well your social media contacts so that people can find you outside of Quora. Last but not least, make a promise of how you can bring value to the community.
Most people on Quora are simply looking for the best advice in the shortest amount of time. The best practice to succeed on it is to answer specifically to the actual question by cutting straight to the point you want to make. Answers including bullet points and short paragraphs usually perform better and receive the most upvotes.
Consistency + Tracking
Consistency is important on Quora, to establish your authority in the crowded user base of 100 million people. By consistently providing valuable answers in specific categories related to your niche market, there is a good chance to end up among the “Most Viewed Writers”, which reinforce your position as a leader and generate more traffic to your profile/website. Track the traffic with UTM links to understand what specific article you linked is performing better, and leverage it more as you continue your activity on Quora.
Medium is trending social media platform that is steadily gaining its spotlight as a place for marketers to share their content. The power of the platform lies in the fact that, unlike sharing blog posts on your company’s website, on Medium you are part of a community where people can discover your content or have it shared on their personal feed, if its relevant to their interests.
Share good stories
As an increasing number of businesses have access to online advertising platforms and social media communication, marketing messages are more likely to fall flat under repetitive generic words and expressions. Medium, on the other hand, gives the publisher the quite unique opportunity to break free from the usual pattern and actually share real stories and insights around the business. Since the platform rewards quality sharing, writing stories about “behind the scenes” insights on how your company had to deal with some initial struggles, how it adapted to new circumstances or how it managed to succeed and accomplish positive results, it’s likely to pay off. The reason why stories can have a huge impact on other people, sometimes more than any other marketing message, is that stories allow other people to understand the emotions and the “why” behind your company’s efforts.
Focus on the important metrics
The stories on Medium are shared in order of quality and interestingness according to the number of “Claps” and views but and the “Read Ratio”, meaning how long people have read about the story. However, longer articles tend to have lower “Read Ratio” compared to short articles, but they can generate more “Fans” and therefore be considered of higher quality. A general rule of thumb is to write stories that range from 400 to 2000 words, but remember that value beats any metric.
Depending on what kind of business you run, you can push to publish your stories in one of the many highly targeted Medium publications. There are two ways to achieve that, the first one is to simply being picked by the publication itself, the second is by outreaching to them. In any case, a fair amount of time should be spent reading and confirming your writing style to the editorial guidelines of the publication you are interested in.
Call people to act
Every time you craft a good story to share, insert some call to action in the middle of the story and at the end of it. A call to action can be a link to drive people back to your website or simply the request to give a “Clap” to the article (the way people can show appreciation on Medium, similarly to the like on Facebook). Since the platform itself is not meant as a way to promote yourself, generally speaking, always use informal and sincere copywriting to do that. If used correctly, these two social media platform can generate a lot of quality traffic to your website. Even if 96% of your visitors are usually not ready to buy from you yet, bringing them to your website from places like Quora and Medium catalyzes the process to convert them first into leads and then into customers.
#4 LIVE EVENTS
Another lead generation idea is online. Online is a source of value for many businesses but combined with offline events it doubles its power. Organizing business meetups, workshops or any kind of events around your niche market by using Event Management Software such as Eventbrite, is a solid way to generate new qualified leads. People attending your live events show a strong interest in what you do.
Live Event Metrics
To take the most out of live events, it’s important to set up email marketing campaigns before and after the event. Normally, the people subscribing to the event list by buying the ticket, only receive a confirmation email with their ticket attached. It’s a good idea to warm things up by sending a welcome email right away after their subscription. Then once the event is over, right when the lead is engaged the most, it’s crucial to send a follow-up email to sell your product or service, maybe with a special discount offer. The best way to do this is to automate your email communication by syncing your Event Management software to your Email Marketing software so that you don’t have to do it manually.
A Successful Lead Generation Idea Into A Strategy is Not Built Overnight…
But implementing the right ideas can really make a big difference for a business growth and revenues. In an increasingly competitive market, the goal should always be to work smarter and not harder. These were 4 tested and new-fashioned ideas to consider, but of course, there are hundreds of them so you can implement, depending on the kind of business you’re involved with.
Growth Hacker at LeadsBridge. A suite of automation tools for Facebook Advertisers.
Eager digital marketer, nurtured by news and strategies of this world, helping people and businesses to build and reinvent their online presence.