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What is customer acquisition and why is it important?

What is customer acquisition and why is it important?

15th March 2023

Customer acquisition is like planting seeds – the more you plant, the more your business can flourish and grow

 

Customer acquisition is essential for any successful business in today’s fiercely competitive world. It’s not only about earning more money (while that is certainly a perk), it’s also about improving your reputation and remaining one step ahead of the competition.

What is customer acquisition?

Customer acquisition is an entire end-to-end process of the marketing funnel (as seen in the image below). It’s the method of getting potential customers to buy your product.

As they progress through the funnel, consumers build knowledge of your brand and ultimately decide whether to become a paying client of your organisation, then eventually a loyal, long-term patron of your business.

Marketing funnel for customer acquisition

So, why is customer acquisition important for your business?

Ultimately, gaining new customers is important for any business, but let’s take a closer look at how else it helps.

1. Business growth

It drives business growth. If you’re not investing in your customer acquisition strategy, your business may hit a standstill – or worse – start losing customers to competitors.

2. Brand awareness

As you’re attracting new customers, you’re also building brand awareness. This could be through social media or advertising. Moreover, when satisfied customers share their positive experiences with others, it can lead to new customers discovering your brand.

3. Revenue

What business doesn’t want a new source of income? New customers equal new revenue streams, which is vital for the long-term sustainability of your business.

4. Competitive advantage

Acquiring new customers – not only generates revenue – but also builds social proof through positive reviews and testimonials.

As you gain more customers and positive feedback, your business becomes more trustworthy and appealing to potential customers, leading to even more customers. This positive cycle and social proof can help your business gain a competitive edge in the marketplace.

5. Customer lifetime value

If you provide excellent service, which no doubt you are, new customers are likely to become repeat customers. Therefore, this leads to a higher customer lifetime value and increased revenue for your business.

In conclusion…

Overall, by investing in your customer acquisition strategy, you’re allowing your business to thrive, it’s not only a new source of income but a tool for creating a standout business. Whether you’re a new business just starting out or an established company looking to expand, customer acquisition should always be a top priority.

Looking to boost your business growth? At Bopgun, we’ve got customer acquisition and retention in our DNA! If you’re ready to take your business to the next level, let’s chat and see how we can help.

All posts
For the Marketer

brand awareness  business growth  customer acquisition  revenue 

Written by Vicky Taylor

title: Digital Marketing Executive
areas of expertise: social media, writing, marketing

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