Customer Acquisition Defined
Customer acquisition is the act of persuading potential customers to purchase or use your company’s service or product. A few examples are customer referrals, loyalty programs, and free plans. Essentially, customer acquisition is the link between advertising and relationship management that targets customers in a meaningful and effective way. Customer acquisition cost is an important measurement to track because it gives insight into your marketing strategies and customer value.
The first step in effective acquisition is to identify quality potential customers through marketing and sales methods like phone calls and email campaigns. The second step is to qualify these leads based on your business through methods like account creation questions and research methods. If a customer qualifies as a lead, you can then follow up with them to establish a better relationship, identify specific needs, and offer more specific products.
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