You spend countless hours working on your product or service but the future growth depends on only one critical factor called ‘Customer Acquisition’ (to acquire new customers)
Customer Acquisition is the process to acquire new customers for your business. Though it seems a simple process but it’s not. It is incredibly challenging to acquire new customers for any business.
The below blogpost will resolve this challenge easily. Here, I had shared the top 10 ways to acquire new customers for your business.
So, What are we waiting for? Let’s discuss those techniques below.
1. FREE FREE FREE
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The word ‘FREE’ is one of the most powerful words in the Marketing Dictionary. Every customer loves this four-character word very much.
If anything is been provided for FREE then customers will definitely like to try it. For Example,
At EmbroideryShristi, thousands of users visit the online store daily to download freebie embroidery designs.
The psychology behind this is very simple. When you offer something for FREE, thee customers feel strongly obliged to do something for you in return.
So, giveaways of FREE product or service is a great way to acquire new customers for your business.
2. Offer Big Discount
What if you can’t afford a free giveaway of your products or services. In such case, you can offer a big discount to attract new customers.
Do you know? More than 93% of customers love to use coupons and discounts while purchasing the product and services.
This is because customers prefer buying products and services on sale. Offering big discounts will attract more customers to your store.
3. Thorugh Word of Mouth
‘Word of Mouth’ is the traditional but still effective technique to acquire new customers for your business.
In this technique, you will take action to get your customers to talk about your products and services with other customers.
In simple words, here you will make the customers’ acquisitions by passing information through oral communication.
4. Go Online
Go Online is another powerful way to acquire new customers. If currently, you’re selling in a brick and mortar store then you should immediately build a business website to go online.
An online website will help you to reach a global audience and thereby will increase your sales operation.
5. Social Media Marketing
With more than 60% of the world population using Social Media today, Social Media Marketing is one of the best ways to acquire new customers.
You can join and promote your business in active communities through a Social Media group and fan page.
6. Brand Collaboration
Brand Collaboration is a process where multiple brands come together to promote their products and services and mutually benefit from each other.
For example, Reliance JIO collaborates with Apple iPhone to promote their SIM card while promoting their Smartphones.
Confused? The below JIO and iPhone advertisement will clear all your doubts
Through this common marketing campaign, both Reliance and Apple will mutually acquire each other customers.
7. Forward Integration
Besides achieving competitive advantages, the forward integration will help you to acquire new customers.
For example, Apple introduced its own Retail store to sell iPhones. Similarly, Netflix was in the business of DVD rental before moving into online streaming of movies.
In this way, you can reach more customers for your business.
8. Taking over an existing business
Taking over an existing business is another great way to acquire new customers. For example, ITC Limited acquire Sunrise Foods, Which was one of the largest spice brands and market leaders in West Bengal.
In this way, ITC Limited acquire customers of Sunrise Foods to their business.
9. Acquire new customers through Referral
Customer referral is a process where your current customers will refer your business to other customers.
Of course, this referral can be done in two ways. First, your customers are too loyal to your product and services. They loved your product and service and hence recommend the same to others.
Secondly, you compensate them monetarily for referring to other customers. For example, for each successful reference, you can give a flat discount of Rs. 100 to both users.
There are many ways to acquire new customers. Some of them are common and the rest are specific to a particular business or industry.
Of course, there is no guarantee that you will get success after implementing the above techniques. However, there is a guarantee of a good head-start.
At last, feel free to contact me or leave your message in the below comment box if you face any problems in implementing the above techniques or need more clarification. I will be happy to help you.