Many companies we meet have put themselves in a dangerous spot – marketing-wise. They realize that the customer acquisition landscape has changed, and that they need to revise their acquisition strategy. They have done a few basic things to get started, and have then stopped. All is good till now, except that these companies think doing the basics is all they need to update their strategy. This is where they lose money and customers to competition.
Let’s take an example: You are a retailer and you know that your customers are now finding you on Facebook, Twitter, Smartphones, Tablets, etc. You have a team that manages your Facebook page and Twitter account. You have initiatives in place to increase your “Likes” and followers. You post often and even send out offers. You are even hiring agency to develop an iPhone app. All good things but you need more, lots more to get it right. The good news is that this is going to cost a lot (against popular belief).
Here are a few major signs that your customer acquisition strategy hasn’t kept pace and still needs improvement:
- There is no correlation between your campaigns on different channels (your Facebook team doesn’t care about your email team)
- You measure the success of your social media campaigns in form of number of Likes and followers
- You do not “defragment” cookies (If this is a new term for you, you are definitely not up to date with current marketing practices
- You do not combine data from all channels to create a single customer view
- You are not sure which channel is the most effective for you
These are all signs that the fundamentals of your strategy is weak and need to be improved.