That customers are the lifeblood of any business, including yours, is stating the obvious. But what is not so obvious is where the next set of paying clients and customers will come from.
Whether retail, e-commerce, or real estate—without a solid plan to get in a predictable stream of paying customers and clients, month on month, businesses are likely to struggle to survive, let alone grow and scale.
This brief article introduces you to everything you need to know about customer acquisition and the best strategies to ensure your business is constantly ringing in healthy sales!
What is Customer Acquisition?
Customer acquisition, simply put, is the process of attracting and converting new customers for your business.
You attract prospects or leads who show some level of interest in your product or service. Then over time, you win them over as paying customers.
But this does not happen in one shot. Instead, customer acquisition often happens in stages; this is best understood in the form of a customer acquisition funnel as shown below:
Source: https://blog.brandcast.com/how-to-drive-more-leads-with-conversion-optimized-design/
1. Top of Funnel (ToFu) – In the ToFu stage, everyone is simply just “traffic” or “visitors” because, at this point, we don’t even know if they are interested in (or even need) your business or product. In this stage, all of your efforts are directed towards educating them and increasing their “Awareness” regarding what your business does and how you can help solve a problem for them.
2. Middle of Funnel (MoFu) – At this stage, you can call them “prospects,” and they follow everything you share with a relatively higher level of interest. In this stage, you want to “nurture” them using constant communication that speaks to them about their problems, how you can solve them and why they need to be choosing you over others.
3. Bottom of Funnel (BoFu) – This is the point where your prospects are actively checking out buying opportunities, deals, discounts, and offers. Long story short, if a prospect already knows your product or service well, make them a great offer, and they will be yours!
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