Most companies we come across often wonder if their customer acquisition strategy is at par with the industry and most importantly, their competition. Here are five signs that your processes are broken.
#1: Your Customer Acquisition Strategy Hasn’t Changed in the Last Few Years
The way people interact with brands and companies has changed dramatically in the last few years. They are using 10.7 channels , on average, to find you. Think about it – there are so many ways people connect with brands: Facebook, Twitter, Instagram, Tumblr, Email, TV, print, Smartphones, Tablets, etc. The most challenging part of it all is that something newer and bigger is just around the corner, and people will jump on it much more quickly than we can predict.
Design the consumer experience across all channels, with digital as a key role in the total experience. Align the organization to the Brand, not “channels”.
#2: You Have Separate Teams / Agencies for Different Channels
Your customers aren’t taking a siloed approach to interact with you, then why are you? There are so many problems with this approach:
- Different teams have different metrics that they are evaluated on, and it takes a different approach to move each of those metrics.
- Each team has its own sub-culture and the way they interact with your customers will be different.
- The most important thing is that each team will define the same customer differently. This is bad!! A single customer should have a single identity in your company. How else will you engage with them in way that stands out from competition? How will you know what they like / value / want? A single customer view is key in today’s multiple touch-point world.
#3: You have not considered omni-channel Marketing (or think it’s out of reach)
Omni-channel Marketing refers to creating a seamless and consistent experience for your customers across all digital and offline channels. Omni-channel Marketing is about sending the right message, to the right customer, at the right time, on the right channel.
Companies such as Amazon, Wal-mart, Barnes & Nobles are doing this very well and it is now catching on with smaller companies as well. We can bet that your competitors are in the midst of creating an Omni-channel Marketing strategy, if they haven’t created one already. This is why they could be doing so well all of a sudden.
Omni-channel marketing is just the convergence of the consumer experience across all channels. As per IDC, shoppers spend 3.5 times more, purchase across more categories, shop more frequently, are more loyal and have a higher retention rate
#4: You have an incomplete cross-channel knowledge on the consumer
Even though you may a lot of data on your customers, it is likely that the data is not enough for you to make the greatest impact. Companies that are terrific at marketing such as P&G and Amazon have tremendous data on their customers – income level, zip code, likes & dislikes, estimated life time value, likely month/day/time of next purchase, etc.
Did you know that Amazon is considering rolling out something like pre-purchase shipping? Since they have so much data on their customers, they can predict when and what the next purchase will be for a given customer. They will preempt their customers and ship that product to the nearest warehouse in advance to provide a better shopping experience.
It is not fair that you have to compete with such companies, but it is what it is and you are up against them. You better start getting complete and good data on your customers to survive and grow.
Take advantage of free tools to integrate social followers into your CRM data mart.
#5: (You think) you do not have the talent or the budget to do analytics
This is a big one. You don’t need a big budget or a multi-person marketing team to get customer acquisition right. Believe it or not, you can do it on a shoestring budget. So if you are not taking any action because you think you need more resources, you are leaving money on the table for no reason.
Omni-channel marketing is more about a strategic shift towards channel consolidation, than technology or analytics talent. Get the strategy right and all else will follow. Hint: Take a look at the organizational enablers in the maturity assessment below.
Take the free marketing readiness assessment to see whether you are leaving money on the table.
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