Customer acquisition: How to define your digital metrics?

1 de December de 2023

Customer acquisition is vital if you want to be a player in an ever-changing market, with increasing competition and customers who have more decision-making power than ever before. It is not an easy task, which is why it is necessary to define a strategy.

Customer acquisition strategy based on relevant digital metrics What are they?

Companies have a pressing need to get to know their customers, build a closer relationship and offer products that are tailored to their needs. Moreover, many customer relationships are nowadays measurable. But what are the metrics to consider in order to understand the market and succeed in customer acquisition?

The marketing funnel is a tool that helps to identify these metrics, make sure they do not overlap and make the right efforts to know our customers at each of their maturity stages. In the digital environment, it is essential in the customer acquisition process and consists of five stages based on the customer journey:

Knowledge

It is the starting point, it answers the question “how many know me” or “how many know of my existence”. In marketing, one way to measure it is with the impacts or touchpoints, which occur every time the company’s image is perceived by a potential customer.

To measure awareness, a KPI (key performance indicator) can be established for each place where the company’s image is identifiable (social networks, websites, online ads). The higher the awareness, the more likely it is to attract customers.

If you are present on 3 social networks, each has its own KPI, the number of unique people who visit your profile over a period of time, for example. These KPIs can be mere estimates of reality. However, they are very useful to know the ceiling of the market by comparing ourselves with the best. In addition, this helps to recognise the strength of our different communication channels.

Consideration

At this stage of customer acquisition we narrow the group from “potential customers” to “future customers”. The techniques for defining KPIs are now more complex, one of them is the Marketing Qualified Lead (MQL).

This technique classifies those users who have shown a higher than normal interest in buying your products or services, e.g. have added products to the shopping cart, have visited the website repeatedly, have stayed for a long time on your website or have entered their information (their data) in a disinterested way.

Identifying these customer use cases for your company is essential in defining the KPI. We can say that the sale really starts here, when someone has left you information and you can start a conversation, either to offer them more products or to get their opinion through a survey. Obtaining subscribers is essential from the point of view of the qualification of your communication strategy.

Conversion

After customer acquisition, it is time to buy. It is defined by the number of sales from all our sales channels. A modification of this KPI can be an increase (either yearly, quarterly…). At this point, it is also possible to qualify the satisfaction of your customers through a rating survey called Net Promoter Score.

Loyalty

In the modern marketing funnel, the customer journey is understood as a cyclical experience in which the buyer is one of the company’s first marketing weapons. Thus, measuring the percentage of customers who “buy back” is key to understanding how well we are doing. In addition, we can see which products they buy repeatedly or how often they do it, that is, we can identify repetitive behaviours of our customers that we can try to expand.

It is key to take care of your customers and build customer loyalty, as they are the most profitable. As Pareto’s Law says, 20% of your customers contribute 80% of your income, i.e. your most loyal customers.

Recommendation

In line with modern marketing. Don’t forget to measure the recommendation power of your customers. Again, social networks can be good indicators: followers/customers who “share” or “like” our products. Comments, automatic feedbacks or online surveys can also be of fundamental value to get to know our most loyal customers.

How do we do it?

Customer acquisition techniques:

The funnel marketing approach requires setting general online sales objectives as well as specific objectives for each of the stages. A plan needs to be established that will be developed simultaneously in all five phases. Specific strategies and tactics will be defined in each case and for each of the phases. It is important to note that often these tactics and strategies must be focused on omni-channel and coordinate online and offline actions to obtain much more information. A barcode, a QR code or an offline survey are good channels to attract customers or obtain subscribers to your website.

Promotions:

This valuable and indispensable marketing tool is a very important means of attracting customers. Its main objectives are to inform, convince and remind the customer of the existence of a product or service by means of very tempting offers.

Urgency generation:

With this persuasive tactic we are combining strategy and psychology to generate a sense of urgency in the potential customer. With ads such as “there are only 2 hours left for this offer” or “there are 4 more people looking at this ad”, we are inciting them to buy.

Take care of the opinions of your existing customers:

Word of mouth is one of the most effective marketing techniques as most consumers trust the recommendations of their family and friends much more than advertising campaigns. Therefore, it is very important to give your most loyal customers the option to give their opinions and comments on your products or services. Make sure you make these opinions, recommendations and reviews visible.

Whether you use one tactic or another, the most important thing is to bring value to your customers, interest, trust and a pleasant and fluid communication.

Measurement and analysis

The KPIs and their analysis serve as a guide to know how the approach to our objectives, specifically digital customer acquisition, is evolving. This information should allow us to make changes in the action plan to mitigate deviations and gain knowledge about the behaviour of our market, customers and their segments in particular.