6 Tips To Create An Effective Acquisition Marketing Plan
When you say company growth, multiple concepts come to mind. There’s increasing profits, hiring new employees, finding more investors, and acquiring new customers. Out of all of those ideas, customer acquisition is critical for expansion.
After all, increasing the number of customers can make a company grow the fastest across the board.
If you’re thinking of how you can get new clients or members in your company, then it’s critical to create an effective acquisition marketing plan. To help you out, here are some tips you would find helpful.
1 – Find Effective Marketing Channels For Your Niche Or Industry
Nowadays, there are many marketing channels to choose from. However, it doesn’t mean that all of them will work for you. For example, if you’re a business-to-business (B2B) company, it would do you good not to waste too much time on social-centric media platforms.
It might be wiser to market on employment and business-oriented social media platforms.
Also, it could be best to be open-minded. For example, some people in the loan industry believe that advertising on video-sharing platforms like YouTube is an unfruitful endeavour.
However, before you decide if it’s not worth it, you should first look into a guide and do ample research. The same goes for other channels.
2 – Include The Utilisation Of Paid Marketing
Utilising paid marketing shouldn’t raise your eyebrows. Moreover, the goal is to craft an effective acquisition marketing plan instead of a cheap and partially effective one.
As early as now, face the fact that if you want to acquire more leads and customers, you need to spend money if your products and services are in the niche market.
Some of the paid marketing you can employ are referral, affiliate, and pay-per-click (PPC) marketing.
However, utilising paid marketing doesn’t mean funnelling your marketing budget and relying solely on it.
3 – Dabble Into Organic Marketing
Paid and organic marketing strategies go hand in hand in an effective acquisition marketing plan. Some of the digital marketing strategies you can employ in this area are content marketing, search engine optimisation (SEO), social media marketing (SMM), and email marketing.
Do note that organic marketing doesn’t mean free marketing. While it can trickle leads and customers in your sales funnel, you need to invest some budget on all the strategies under organic marketing to establish them to work.
4 – Calculate Your Acquisition Cost Per Customer
Getting more new customers into your business sounds good on paper, but be reminded that customer acquisition is much more expensive than getting a current customer to repeat business with you.
So, even if having an effective acquisition plan requires you to shell out some funds, it doesn’t mean that you should incur massive losses and reduce your marketing campaign’s return on investment (ROI).
If the cost of new customer acquisition is too high, you may want to consider focusing more on remarketing and waiting until your company can shoulder the expense.
Also, remember that you can’t make a perfect acquisition plan at the beginning. Not all marketing strategies you plan will work efficiently as you thought.
Because of that, once some time has gone by—say, one month—you should calculate the amount of money you need to acquire a single customer and the efficiency of your marketing strategies. Once done, revisit your acquisition marketing plan.
If a strategy—your PPC, for example—is costing you the highest customer acquisition cost (CAC) in your campaign, you should go back to the drawing board. It’s either you eliminate PPC or tweak how you’re deploying your ads.
5 – Add More Focus To Retargeting
Some of your campaigns will fail by having abysmal CACs. Even if you waste months concocting the ‘perfect’ marketing plan, the market is unstable.
You should know that trends change, and people’s tastes are diverse. If potential customers ignore your attempts to lead them into your sales funnel, it doesn’t mean it’s over. Moreover, you should try another market or change your target audience completely.
Hence, this is where retargeting comes in. Instead of giving up early, revise your marketing plan. Also, instead of changing your strategies to find the right customers for you, change your approach to make you the right company for your customers.
6 – Outsource If You Are Not Good At Marketing
Don’t be afraid to get some help. Marketing is constantly evolving—even a master today can become a complete novice tomorrow in marketing.
If you think you can’t keep up with dynamic trends and new marketing technologies, delegate and outsource the parts you don’t have time to deal with.
Mentioned above are the key takeaways that you should focus on your acquisition marketing plan:
- Utilise all the marketing channels available.
- Minimise your losses.
- Spend your marketing budget efficiently.
- Retarget if things are not working.
- Outsource if need be.
Also, remember that your plan should be flexible, so don’t set anything in stone.