Customer acquisition is the process of acquiring new customers for business or converting existing prospect into new customers.
The importance of customer acquisition varies according to the specific business situation of an organization. This process is specifically concerned with issues like acquiring customers at less cost, acquiring as many customers as possible, acquiring customers who are indigenous and business oriented, acquiring customers who utilize newer business channels etc.
The whole process should concentrate on following considerations:
- Primarily it is important to determine and focus on psychology of customers, like how the customers feel and think and then selecting the product segment to be presented to them.
- Concentrating on how the customers are influenced by the surrounding environment like the business culture, technology, media etc.
- Analysis of customer behavior and tendency while buying specific range of product.
- Studying the customer’s limitation of knowledge processing power which influence the decision making power.
- Finally it’s very important to engage best strategies for effectively convincing new customers and improving marketing campaigns.
Customer acquisition techniques change with technological changes. There is always a need to optimize and upgrade the traditional ways of marketing channels available. Exploring new methods to entertain customers is important to remain in competition and have high acquisition rate.
