FirstRanker.com

Customer Acquisition

6 th model

Customer Acquisition and Retention

• Situation Analysis

  Evaluate your existing approach to customer acquisition and make recommendations for finding profitable ways of increasing the value of your current customers.

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• Market Segmentation

  Analyze your market opportunity and identify key segments.

• Campaign Development

  Create a robust marketing plan, ready for execution.

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• Retention Marketing

  Plan a dynamic ongoing customer retention strategy with personalized communications to increase the value of your customer base.

• Loyalty Programs

  Analyze your customer segments and recommend programs to reward your best customers, keep them buying, and drive referrals.

Process of Customer acquisition

• 1. Gather customer Intelligence.
  • Gather customer data

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• 2.Organize internal Acquisition-planning meeting
• 3.Build strategy around the ideal customer profile
• 4. make the most of the CRM
• 5.share the knowledge

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Online customer Acquisition strategies

• Target prospects
• Improve direct mailing
• Using Analytical tools for customers segments
• Finding financial status of customers
• Coupons or discounts

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• Royalty programmes

Profile of the customer-company

• Geographical
• Demographical
• Psychographic
• Buyers behavior

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Customer browsing behavior

• Entry
• Register
• Search
• Browse
• Select

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• Add to cart
• Buy (billing)
• Exit

Aggregate Metrics for E-business

• Hits/second
• Page views/day

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• Click-throughs
• Unique visitors
• Revenue throughput
• loss

Customer Retention

• Identification of potential customers

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• Analysis
• Streaming of targeting
• Contact strategies
• Testing
• Evaluation

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Customer Retention strategy

• Financial bond
  • Discounts
  • Gifts
  • Membership
• Social bond
  • Special attention, informing about new service,

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• Customization bond
  • Personalizing service, combination of services
• Structural bond

Online Customer Retention strategies

• Reducing attrition

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• Loyalty programme
• Frequent communication
• Service
• Product of service integrity
• Retention emails

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Shoppers: Browsers and Buyers

• About 63% of online users purchase online after they research online, but purchase offline.
• Significance of online browsing for offline purchase should not be underestimated.
• E-commerce and traditional commerce are increasingly viewed by merchants and researchers as part of a single consuming behavior.

What Consumers Shop for and Buy

• Online sales divided roughly into small ticket items
• Top small ticket categories (apparel, supplies, software, etc.) have similar characteristics: sold by first movers, small purchase price, small, high margin items, broad selection available

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• Purchases of big ticket items (travel, hardware, consumer electronics) expanding

Intentional Acts: How Shoppers Find Online

• Over 85% of shoppers find vendor sites by typing product or store/brand name into search engine or going directly to the site
• Most online shoppers plan to purchase something within a week, either online or at a store
• Most online shoppers have a specific product in mind

Why More People Don't Shop Online

• Major online buying concerns:
  • Security

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  • Privacy
  • Shipping costs
  • Return policy
  • Product availability
  • Shipping issues/delays

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Trust, Utility, and Opportunism in Online Markets

• Trust and utility among the most important factors in decision to purchase online
• Consumers are looking for utility (better prices, convenience)
• Asymmetry of information can lead to opportunistic behavior by sellers
• Consumers also need to trust merchants before they purchase

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• Sellers can develop trust by building strong reputations for honesty, fairness, delivery

Basic Marketing Concepts

• Marketing: The strategies and actions firms take to establish a relationship with a consumer and encourage purchases of products and services
• Internet marketing: Using the Web, along with traditional channels, to develop a positive, long-term relationship with customers, thereby creating a competitive advantage for the firm and allowing it to charge a higher price for products than its competitors can charge

Basic Marketing Concepts (cont'd)

• Firms within an industry compete with one another along dimensions:
  • Differentiation
  • Cost

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  • Focus
  • Scope
• Marketing seeks to create unique, highly differentiated products or services that are produced or provided by a trusted firm ("little monopolies")

Feature Sets

• Defines as the bundle of capabilities and features offered by the product or service

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• Includes:
  • Core product
  • Actual product
  • Augmented product

Products, Brands and the Branding

• Brand: A set of expectations that consumers have when consuming, or thinking about consuming, a product or service from a specific company

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• Branding: The process of brand creation
• Closed loop marketing: When marketers are able to influence the design of the core product based on customer research and feedback
  • E-commerce enhances the ability to achieve this
• Brand strategy: Set of plans for differentiating a product from its competitor, and communicating these differences to the marketplace
• Brand equity: estimated value of the premium consumers are willing to pay for a branded product versus unbranded competitor

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What is Social Media?

4 Key Elements for Social Marketing

• Whether you are a home business owner or a business owner marketing on social media there are steps to be effective.
• People don't go to social media to buy so how do you turn social media contacts into buyers?

?

• Posting blatant ads for your products or business will turn people off and they will avoid you. And they will unfriend you anyway.
• So how do you sell to people without "selling"?

Element #1- Social Listening

• On your sites, your blog, your Facebook, Twitter, Pinterest and other social sites, pay attention to what people are saying.

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• Respond to both praise and criticism.
• Don't delete criticism, respond in a way that shows you care about the people visiting your site.
• Then make changes to do better.

Element #2 - Social Influence

• As you post on your sites, be sure to include content that people can consume to increase your credibility and authority in your niche.
• The more valuable content, the greater your influence will appear to your subscribers and followers.

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• Use your blog to create content and post it.

Element #3 - Social Networking

• Follow other influencers in your niche and associate with them. As you "rub shoulders" with these influencers you will gain credibility and authority in the eyes of your followers.
• Seek for the other influencers and post comments on their blogs and tweets.
• People will start to see your name and associate you subconsciously with the influencers you interact with.

Element #4 – Social Selling

• This is where all that we do can ultimately lead to what marketers want to be. But you can't just jump to social selling success without doing the other three steps.

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• People buy from people they trust.
• People buy when they don't feel they are being sold to.
• People buy when they feel you have their best interest at heart.
• That's why the other steps are so important.

Social Media Metrics

Social Media Metrics

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Metrics

“A metric is a measuring system that quantifies a trend, dynamic, or characteristic. In virtually all disciplines, practitioners use metrics to explain phenomena, diagnose causes, share findings, and project the results of future events.”

por Paul Farris; Neil Bendle; Phillip Pfeifer; David Reibstein.

Social Media Metrics