Customer acquisition is the lifeblood of any company. It’s common sense. You can’t make money without customers. You can’t grow and prosper without customers. In fact, without customers, you don’t have a company at all. So, to say customer acquisition is important is underplaying the value of the most vital marketing campaign any business can put out there.
In broad strokes, customer acquisition is the term used to describe the process of bringing new customers to a particular brand, product or service.
It’s that simple. However, actually doing it well is much harder than that. And it starts with the following statistic:
”It costs five times more to acquire a new customer than it does to retain a current one.”
Imagine that. You’re going to spend £5 acquiring a customer for every £1 you spend keeping them loyal to your brand. Knowing that, it’s only natural you want your customer acquisition campaign to be as effective as possible, because it is a very costly endeavor. Once you have them, customer retention is way easier and much lest costly (and that all comes down to treating customers well, and making them feel valued).
This process almost always has costs associated with, and this is known as the ROI, or Return On Investment. While there are many different ways to acquire these customers, some methods can be tracked, and others cannot. But the primary goal of customer acquisition is to do the least amount of work, and spend the least amount of money, to get as many customers as possible into the fold.