Customer acquisition remains one of the most important parts of running a business. Finding new clients is incredibly vital to the success of any small businesses in the modern era. Unfortunately, many business owners do not have the time or resources to develop a fully formed strategy for customer acquisition. In this eBook, we’ll uncover exactly what that action plan entails and a few easy ways to implement customer acquisition for small and medium-size businesses.
In This eBook:
- Customer Acquisition – What is it?
- Defining acquisition costs
- Strategies for finding new clients
- Real life examples and more!
Read the Excerpt Below for a Sneak Peek of this eBook
Customer Acquisition vs. Customer Retention: What’s the Difference?
One of the most common points of confusion is understanding the difference between customer acquisition and customer retention. While acquisition focuses on the process of bringing in new customers, retention focuses on keeping the business’ current base of clients.
Companies spend a great deal of money on advertising to build their brand and bring in new sales. Which is why it’s vital to employ retention strategies. Attracting new customers, but doing nothing to transition them into repeat business is a huge miss. Preventing customers from defecting to the competition saves thousands of dollars in the future. Delighting customers from start-to-finish transitions them into advocates, and word-of-mouth is the least expensive type of advertising there is.
Common strategies used for customer retention include:
- Opportunities to purchase upgrades
- Loyalty program rewards
- Upselling existing customers on current products
- Cross-selling customers products in different categories
Later, we’ll discuss ways organizations employ acquisition tactics in real life.
Ultimately, both customer acquisition and customer retention plans are important for growing a business. It’s critical to examine any existing marketing tactics and seek out ways to be where your customers are.
HVCU's Commitment to Business
For over 50 years, we've provided members clear-cut financial guidance and unmatched service. As a credit union, our purpose is to serve the interests of our members—not shareholders—and we’re dedicated to giving businesses like yours the tools and resources needed to be in direct control of your financial future. Learn more about how we can help your business grow.