The process of attracting and retaining new customers through digital marketing strategies is known as digital acquisition. It combines media, online resources, and engagement tools to raise awareness about your company, encourage customers to consider buying your services or products and encourage customers to make future repeat purchases. The goal of the digital acquisition is to create a consistent and systematic flow of new customers by employing acquisition tactics that change as new trends and technology emerge. While digital acquisition refers to getting business from both existing and new customers, the majority of companies like Joash Boyton spend more of their marketing budget on new business acquisitions. This is because acquiring new business requires the use of a lot of ad marketing platforms that operate on a CPC or CPM model, which is a lot more expensive than reaching out to your existing customer base through your website, CRM systems, and emails.
How to develop the strategy?
- Be aware of the target audience – Understanding one’s client base and tailoring a digital marketing strategy to their desires begins with defining their audience and researching their purchasing behavior. Customers use various digital channels for various purposes, each with its own set of statistics. For instance, statistics may show that a customer looking for shoes online is more likely to use a specific social media platform, is more likely to use their smartphone rather than a computer, and has already decided on a brand name. According to research, customers who buy products similar to theirs are looking for inspiration as well as value. One can create personalized and effective digital acquisition strategies with a well-defined profile of their target audience.
- Determine which customer channels to target and develop strategies for them – Rather than spending money to market on all channels, it’s best to use one’s target audience’s profile to focus their energy and budget on the top three or four channels that their customers use most frequently. If one’s target market is primarily senior citizens, investing time and resources in social media marketing, which this demographic uses less frequently, may not be beneficial to the company. This strategy keeps businesses from going overboard with their resources. By concentrating on a few key channels, one can develop strategies to assist customers in finding and purchasing their products. Once they’ve chosen the top channels, they can use one or more strategies to increase their acquisitions.
- Gather information – data is required for evaluating almost all aspects of digital acquisition channels and strategies. It can tell which channels are bringing in the most customers and which marketing campaigns are succeeding. Data collection and analysis can help one gain insight into customer behavior, refine their strategies, and influence future digital acquisition efforts. Josh Boyton has analytical tools and analytics engines that one can use to generate data and reports from all of their marketing materials and websites.
The digital acquisition is on the rise, and companies of all sizes are at various stages of embracing and leveraging it to boost profits.
The following are the main reasons for its rise:
- The use of mobile devices and increasing internet penetration provide a broad reach.
- Capabilities for sophisticated customer targeting.
- A low-friction buying experience.
- The ease with which new changes can be tested and the digital buyer’s journey optimized.
Conclusion
Digital technologies are causing a lot of disruption in today’s digitally dominated world. The majority of the disruption is due to startups doing a better job of leveraging these technologies to make product and service access simple and convenient. While the impact on big incumbents has been significant in some industries, it hasn’t been as significant in others, at least for the time being.