What is customer acquisition?
Customer acquisition is the process of bringing new customers or clients to your business.
The common question among business professionals is " “What’s the difference between lead generation and customer acquisition?” - The difference between the two is, lead generation indicates creating the "awareness." - Oh, we might have to go back and explain what awareness is here.
When a stranger becomes a customer, we call it conversion. Creating Awareness happens when you first "attract" customers. We also call this stage of customer journey as "lead generation" whereas we call the whole journey as "customer acquisition."
The strongest customer acquisition channels:
Scenario 1. ( regular consumers with non buying intent)
Influencer marketing is one of the most strong way to create brand awareness. You can see this case study article to learn more about it.
InfluencerMarketing is a hybrid of old and new marketing tools. It takes the idea of celebrity endorsement and places it into a modern-day content-driven marketing campaign.
Influencer marketing is possibly the most powerful tool to cause customers buying decision when they are choosing where to buy from when it is used in "the chain effect." -When you see the same brand name from multiple influencers ( someone you admire ), overtime, you start building trust to the brand indirectly. Therefore, when this customer comes to the point where she/he needs to purchase a product that you also sell, naturally, your brand comes up to their mind to consider.
This is because influencer marketing is more authentic in comparison to celebrity endorsement.
What Influencer Marketing is Not
Influencer marketing isn’t just about finding someone with an audience and offering them money or exposure so they can say good things about you. That’s what viral celebrities are for. Influencers are people who’ve spent time building their own brand and cultivating their audience; they will be naturally protective of their reputation and the people who trust them. They’re people who had the patience and focus to succeed in social media, one organic follower at a time—people like this aren’t interested in doing influencer marketing solely for the money.
Influencer Marketing is also not about quick results. It’s the same kind of slow-and-steady approach as Social Media and Content Marketing, where your campaign isn’t about directly selling your wares. It’s about demonstrating your authority, credibility, and thought leadership within your industry.
Social Media Marketing
Now let's talk about social media marketing. Social media marketing is "inside marketing" instead of "outside marketing" compared to the influencer marketing.
What do I mean? It means that influencer marketing brings in the awareness from outside of the company ( from influencers with their own following) whereas, social media marketing bring out the awareness from inside of the company ( from company's own following).
You can reach OUT to new potential buyers using hashtags otherwise the contents go out from YOUR social media accounts that they are mean to be seen by your existing followers.
The number one barrier between a first time customer and his/her buying decision against your brand is the trust. If your price is met at what they are willing to pay, the only concern they have for you is the trust. First time customers don't know if they can trust you or not, meaning if they can get the higher return, or the same return very at least to their money if they buy from you for the first time.
Social media marketing can break this trust issue by letting you showcase your customers using your products because there is a thing called; "social validation."
In its traditional definition, social validation is a psychological phenomenon where one or more passive individuals follow or conform to the actions of others within a group. In a psychological context, one or more people set an example of behavior, and their experience leads a second group of one or more people to follow suit.
Forbes - The Importance Of Social Validation In Online Marketing
Let's say that a customer finds you because they have seen 3-5 different super good looking influencers wearing your clothes all mentioning your brand name.
The customer after seeing your brand name being mentioned for the 3-5 times, finally decides to follow you on Instagram. What she/he wants to keep seeing is more and more influencers and people wearing your clothes on your social media channel as well as other influencers' social media for another months until they finally come to the point where they need to buy clothes for themselves. When the time comes, then finally, she/he might consider buying from you. But at this point, the level of your social validation and their desire to look like the influencers that they'd been seeing on social media exceeds the level of trust issue that they have against you.
Another very authentic and super high converting channel is referral. This happens in 3 forms.
1. When a potential customer sees your product being used or wore by someone they know and they like what they see.
2. When a potential customer is looking for a particular product and sees someone they know using the product.
3. When a potential customer sees a particular brand being used by many people consecutively.
The form one and two particularly lead a customer to an immediate purchasing decision, whereas the form three creates brand awareness and trust for your brand. The conversions of the first two cases are very high and the third case is 50/50 chance but overall all 3 method establish high significant trust to your brand name which helps you to create a sustainable long term relationship with general public and potential customers.
And what is my point that I am mentioning this? My point is that referral happens because of EVERYTHING ESLE you do. Of course, your product needs to look great in order for a customer to recommends it to another person or a third person to recognize the value of it on a customer, but what was the first cause that made a recommender to buy your product? Branding!!! Again, It takes your overall efforts in creating brand awareness to even get to this opportunity.
A MISTAKE MARKETERS MAKE:
Everybody CAN BE your potential customers BUT, not everybody IS your customers. - When it comes to creating a brand awareness, it is all about promotion and getting in front of people. Though, there is one thing you need to know which is trying to be liked by someone who is not in the position to like you at that very moment never works.
You can not tell someone who you are as a brand. This is something your customer decides, no you. You have to make a peace with the fact that you can not control how customers see you unless it aligns with their experiences with you. So stop trying to get the customers who are not interested in you to like you and start focusing more on getting discovered by more new prospects and providing amazing customer experience for the existing ones.
There is no one quick method that allows you acquire customers for all eternity. For you to convert one stranger to a customer, it will take patient, perseverance and building a relationship with one another just like how you, as a person would build a relationship with another person. But good news is, YOU CAN start making the STRONG relationship with your customers today by working with influencers and building up your social media to show case your happy customers.
So now, are you ready to start your influencer marketing or social media marketing ? We can do this for you in English or Japanese! Learn about our services.