Every business needs to acquire new customers for making their products and services work. Regardless of whether a few users are paying big bucks or hundreds visit your E-Commerce platform for free, how you acquire and retain your customers is what counts most!
Customer Acquisition Cost – the vital metric that determines the fate of your business
Use of Customer Acquisition Cost (CAC)—the single metric that influences the success of several companies—has been growing manifold along with emergence of Internet service providers and web-based ad campaigns which may be tracked.
CAC is the cost of convincing a potential customer toward making a buying decision; it can be measured and improved, leading to improved sales of your products and services.
Significance of CAC Metrics
There are innumerable commercial websites on the World Wide Web today. The number is increasing. All vie for attracting customer attention for want of sales. It takes enormous amount of marketing expenditure to set yourself apart from the crowd, woo in web shoppers to your site, and make them really buy your product.
Lack of traffic is one of the vital challenges faced by new Internet business owners. Without traffic, your website will not generate sales.
Customer Acquisition Techniques for Entrepreneurs
- Assess your position
- Your target audience
- Your unique selling point
- Knowing your competitors
- Set Goals
- Identify and fix your target audience
- Choose the Right Acquisition strategy that suits your business
It is essential to assess your organization’s position before launching a specific acquisition strategy. Considering the following areas is important :
For building a successful strategy, it is necessary that vital objectives are laid out about what you want to achieve and for what reasons – this provides specific metrics that you wish to achieve within a fixed time frame and that can be measured
Entrepreneurs must first have a clear idea about customer history and the type of audience they wish to attract by the acquisition strategy
Here’s where you define how your goal can be realized through identification of specific digital marketing tactics that can be used
E-Commerce startups can do very well by focusing on a niche audience – it is in selecting the target audience right and adopting the best suited customer acquisition strategies that you will be able to woo in customers!