Almost every brand in the world had a humble beginning, be it Amazon, Chanel, Microsoft or McDonald’s. The first step for all businesses, globally, always remains the same – customer acquisition. It is your customers that define your success and make Amazon or McDonald’s what it is today.
Customer acquisition is an integral business aspect and the channel you choose to acquire your customers also has a major impact on the acquisition rate. In this article, we explore top customer acquisition channels in 2022, quintessential strategies and most importantly learn how to leverage your existing customer base to acquire new customers.
Customer acquisition channels are different for B2B and B2C businesses. Similarly, depending on your business profile, you could choose from either online or offline channels. Listed below are five lucrative online and offline customer acquisition channels for both B2B and B2C businesses in 2021-22.
Committing to only one channel and restricting your reach is not a lucrative decision. To increase the acquisition rate, most brands across the world opt for a multi-channel approach also known as multi-channel marketing. These marketing strategies target customers through various mediums and at numerous touchpoints without solely relying on one medium or channel. Depending on your brand and marketing strategy and budget, a combination of multiple channels can help you acquire more customers in a shorter duration.
Years of advertising and promotions have over-saturated the market, giving birth to skepticism, corroding the faith that customers had on brands and on advertisements. According to a study by HubSpot, 65% of the customers don’t trust advertisements and 71% are skeptical about sponsored content on social media. Almost 55% of customers don’t trust brands they buy from, as they did before, in general. These worrisome statistics and challenging times, make it even more difficult to acquire customers through traditional channels.
So, if customers don’t trust ads, neither the brands they purchase from? Whom do they trust?
Customers trust other customers and most importantly, customers trust people they know. Word of mouth marketing is perhaps the strongest customer acquisition medium, driving $6 trillion of annual consumer spending. Leveraging this fact, referral marketing emerges as the most lucrative and efficient customer acquisition channel.
Referral programs incentivize customers for bringing in other customers. Through referral marketing, you can convert your customers to brand advocates and organically penetrate their network. New customers trust their referrer and extend the same trust to the brand they are recommending. New customers also have an additional motive to purchase, since they are being incentivized for their purchase as well. A referral campaign is a win-win for all parties involved; existing customers are rewarded for bringing in new customers, new customers are rewarded for their purchases and the brand acquires new customers for a fraction of the price, that typically it would pay for commercial advertisements.
Customer acquisition is an extremely important aspect of business, while every business needs an acquisition strategy, there is no one size fits all. B2B customer acquisition channels and strategy is different from B2B. While advertisements on traditional platforms may work well for B2C business, acquisition in B2B is much more challenging.
The idea is to connect and communicate with the audience in their zone. You need to meet your customers in their habitat. This is why acquisition strategies differ from industry to industry. Factors such as business size, competitors and budget also have a crucial role to play in determining what channel you need for your business. Customer acquisition is possible with even a limited budget, you only need to partner with the right people and choose the right channel for your business.
Annex Cloud is recognized by Forrester for its dynamic Incentive and Rewards Engine and can create a customized referral program for your business. The experienced team at Annex Cloud will analyze your business strategy and marketing objectives and design a program that helps you to not only acquire customers but also successfully engage and retain existing ones. For a free demo or consultation, connect with Team Annex Cloud.