Initially I was thinking of writing a five pointer for Acquisition Manager but from our experience we thought we cannot ignore the last (and one of the most crucial point) which adds more value to any acquisition marketing effort.
Customer Acquisition Marketing can be defined as a process of carefully segmenting (must to know your target audience), targeting (defines the outreach media and tools mix) and positioning your products or services to acquire new customers.
Over the last few years, and with everyone wanting to get involved with ‘Big Data’, acquisition managers have been able to get deep insights into their marketing activities. While ‘Big Data’ will provide numbers but the success of any marketing campaign will depend on how these numbers are used and to make sure that these numbers are not treated in isolation.
This post is not about ‘Big Data’ but it is more about going back to the basics which can be easily ignored in day to day acquisition efforts.
The following points highlight the six things Customer Acquisition Manager should consider for successful marketing campaigns
(1) Know the environment in which you are going to promote your products. Things like competitors, existing players, legislations, etc. will help in mapping out the entire ecosystem in which you are going to do your business. This will further highlight the marketing strategy that you are going to follow
(2) Know your customer well. Do a detailed research on the product -market sentiment, demographics, etc. which will help in defining proper segments and bring to light the targeting strategies that need to be employed
(3) Know the marketing channel which is going to support your targeting and outreach. Whether it is a case of direct marketing or generating in direct leads it all needs to be thought out well. The key point in using any marketing channel is to find synergies with other marketing channel. Remember 1+1 > 2 if the synergies are realised, which will further decrease your acquisition costs while improving the customer numbers
(4) Know your team well. It is the people in your team who are going to implement different bits of your strategy. Knowing the individuals well, knowing about that abilities and capabilities, and establishing a culture of team work and collaboration is essential for delivery results
(5) Know your KPIs. Key Performance Indicators (or KPIs in short) should be crystal clear. Make sure the targets are set SMART (Specific, Measureable, Actionable, Realistic, Time sensitive). While setting the targets make sure your business goals are clearly reflected in the targets and your team’s input is considered well. There is no point setting the targets too low (which will hinder in realising the complete potential of your team and business offering) or too high (which will effect team’s morale and blur reality). Have a common language when it comes to metrics (like CPA, PLV, etc) so that its understood well at all levels in an organisation
(6) Know the retention strategies well and make sure you understand it well. Ultimately, it’s the bottom line revenue or profit you are looking for. Understanding retention strategies will help you map out complete user journey in your organisation. I have heard it too often, which the only task of acquisition managers is to get customers inside the door but it’s not the correct way of looking at it. Different companies have different ways of calculating Life Time Values of Customers, but the algorithm (or formula if you want to call it) is dependent on both acquisition and retention numbers
In the end, remember it’s easier to retain the customer than to acquire it. And sometimes the retention element or offering is enticing enough to acquire a customer. Develop your marketing strategies around User’s Journey through different business functions rather than developing operational silos.