3 Customer Acquisition Myths That May Be Holding You Back

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A lot of factors contribute to the success of a company: innovative idea, amazing product/market fit, great customer experience to name a few. Likewise, a number of factors can cause a company to …

A lot of factors contribute to the success of a company: innovative idea, amazing product/market fit, great customer experience to name a few. Likewise, a number of factors can cause a company to fail.

However, in all cases of failure, there is one common factor. It all boils down to failure to acquire customers at manageable costs.

A profitable customer acquisition model assumes that the cost of acquiring customers is significantly lower than the lifetime value of the customers.

We distill the problem to 3 main customer acquisition myths and show you simple ways you can accelerate customer growth

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  • 1. Why Great Companies Fail to Acquire Customers: 3 MYTH that are holding YOU back
  • 2. Why great businesses fail? http://www.forentrepreneurs.com/startup-killer/
  • 3. SO… YOU HAVE AN AMAZING PRODUCT (OR SERVICE) …BUT YOUR CUSTOMERS ARE NOT RUSHING TO YOU! WHAT IS GOING ON?
  • 4. LETS START WITH THREE CRITICAL QUESTIONS
  • 5. Question #1: Is Your Value Prop Clear?
  • 6. “Unique Value Proposition: A single, clear compelling message that states why you are different and worth buying.” - Steve Blank The Four Steps to the Epiphany
  • 7. Question #2: Are you tapping into the “Free” Channels effectively?
  • 8. By Socialnomics
  • 9. Question # 3: Are you leaving leads on the table?
  • 10. 3 MYTHS THAT ARE HOLDING YOU BACK
  • 11. Myth # 1: Channel Strategy is too complex
  • 12. Tip # 1: IDENTIFY AND MAXIMIZE FREE CHANNELS As a minimum use Twitter, LinkedIn and Video: • B2B Companies report up at 53% of their sales on Twitter • Adding Video to the website increases conversion by 46% • Create YouTube Video in 5 minutes • Pay $5-30 on Fiverr
  • 13. Example: Create Simple Videos with Fiverr
  • 14. Tip # 2: GO AFTER “LOW HANGING FRUIT” • Email and Google remarketing campaigns (Google Remarketing, AdRoll) Recent Case Study: - $350 on Google Search/AdWords = 2 purchases - $46 on Google Remarketing = 17 purchases
  • 15. Tip # 3: SEND EMAIL BASED ON WHAT CUSTOMERS DO https://www.getvero.com/welcome
  • 16. Myth # 2: Only Big Companies Can Afford Content Strategy
  • 17. http://leanstack.com/LeanCanvas.pdf Tip # 1: BRAINSTORM 3-5 CUSTOMER PROBLEMS. ADDRESSES THEM CONSISTENTLY
  • 18. Tip # 2: IF YOU HAVE A BLOG, HAVE A STRATEGY • Have a purpose – focus on main customer problems • Do keyword research, use keywords in your blogs • Create unique, visually compelling, engaging content
  • 19. Tip # 3: CREATE COMPELLING OFFERS • Develop “Lead Magnets” or “Honey Pots” • Create dedicated Landing Pages • Unbounce is a great service for landing page templates
  • 20. Lead Magnet Example http://www.tredigital.com/twitterab c
  • 21. Tip # 4: USE TESTIMONIALS AND CASE STUDIES • Social Proof is more important than the price • 25% will buy after listening to a video testimony • Product Review increases likelihood of buying by 63%
  • 22. Tip # 5: BE STRATEGIC ABOUT “WHAT” AND “WHERE” Prominence of a certain element on a page has a direct impact on whether it is deemed credible http://credibility.stanford.edu/pdf/PITheory. pdf
  • 23. Myth # 3 User Engagement is Declining
  • 24. Tip # 1 TAKE THE FIRST STEP IN ENGAGING YOUR AUDIENCE • Connect with Media, bloggers, thought leaders, partners, customers; • Foster relationship (pay it forward) via The “Drip Campaign” • Convert Leads into Customers with occasional “Call to Action” Use 5 x 5 x 15 Twitter rule daily: • 15 minutes to read and/or connect with 5 new people and send 5 original comments/retweets
  • 25. Tip # 2: BALANCE PROMOTION WITH ADDING VALUE From Rallyverse.com
  • 26. Tip # 3: IF YOU SHARE YOUR MESSAGE MAKE IT SOCIAL VS.
  • 27. 3 Strategies = Single Focus Customer Growth Channel Strategy Content Strategy Engagement Strategy
  • 28. QUESTIONS??? COMMENTS??? Let us know at www.tredigital.com