Today we’re going to talk about new customer acquisition (definition) and discuss a strategy that you can implement in your business.
How does that sound to you?
New customer acquisition definition – Getting a prospect to purchase your products/services.
That’s it in a nutshell!
Nothing more. Nothing less.
Before we get going here, you need a reason as to why you should continue reading this blog post.
- You will learn a new customer acquisition strategy that you may not have thought of before, that will help you with your customer acquisition plan.
[tweet_box design=”default” float=”none”]If you learn one new customer acquisition strategy, that you didn’t know before today, what impact will that have on your bottom line?[/tweet_box]
My guess is that it will help or rather add to it.
My suggestion to you is stick with me for a minute and see what I am going to show you.
So what is the
Customer acquisition strategy I am going to share with you today?
Glad you asked.
Today’s strategy involves an online platform.
Is it any of the social media outlets – Facebook, Twitter, Google+, LinkedIn, SnapChat, Pinetrest, Instagram?
Nope. None of those.
So what is it?
It is Quora!
quora.com to be precise.
What is Quora?
Quora is a question and answer site where you can find out virtually any answer that you’re looking for.
Sounds good doesn’t it?
Quora was actually started by to former Facebook employees. Check out Quora on Wikipedia to learn more of the history and when it started.
According to Andrew Chen Quora had 150% growth in January with 160,000 monthly actives, and 18,000 actives per day.
As you can see Quora is experiencing rapid growth.
Which means a lot of people are going to Quora asking questions looking for answers.
Even though this is not meant to be a tutorial on Quora, it works like this.
- You sign up for an account. The account is free
- You type in what topics you’re looking for and they’ll start to auto-populate sort of like Google with predictive search.
- Click on a topic.
- See what questions are being asked.
- Answer the questions you would like, and/or post your own questions you want answers to.
Sound simple enough?
It is. My 2-year old could do it. It’s that simple.
So how do You use Quora as another one of your
customer acquisition channels?
You look for people who’re asking questions in which you (your business) have a product/service that will solve that particular problem.
You reply to those questions explaining how your product/service can be part of the solution to that problem.
Why does this work for new customer acquisition?
You’re being useful. You’re providing an answer to someone who is looking for one.
Also, that potential customer that you gave an answer to probably had a high degree of pain and you just eased that pain by providing a solution.
It’s like sales 101. You try to find your prospects “pain points” and show them how your product/service can help them with that.
Follow what I am saying?
As we’re discussing customer acquisition channels, be sure to visit this blog post on customer acquisition channels that was written a short time ago.
Recommended Reading: 4 Free Customer Acquisition Channels For Businesses
Further, you build up credibility by answering questions and providing solutions.
You’re more than likely to have a higher new customer conversion rate this way than other forms of marketing.
Reason is you’re providing proof that you know what you’re talking about and competent in what you do.
Are you following me so far?
What is the
customer acquisition cost for acquiring new customers this way?
All you’re giving up is your time or someone on your team’s time.
You need to figure out what your time is worth and then that will be how much your customer acquisition cost is going to be.
If you get $100 an hour for your services, then your time is worth $100 per hour.
Sound simple enough?
Then let’s take this one step further.
If a new customer is worth $1,200 to your business, then if you spend 1 hour on Quora answering questions and you generate 1 lead that turns into a new customer, then that is some great return-on-investment.
What do you think?
We went through some relevant examples of customer acquisition cost(s) online in a blog post a couple days ago. Pause for a second and go read it. It won’t take long. It’s deserving of your time. I promise.
Recommended Reading: Customer Acquisition Cost Online
Spend $100 worth of your time to generate a new customer that is worth $1,200?
I would take that every day of the week and twice on Sunday!
Seriously, that is awesome return-on-investment to say the least.
What say you?
Yes, this is outside-the-box thinking, but you need to be thinking like this today.
[tweet_box design=”default” float=”none”]If you don’t your competitors will beat you up like a bully in the school yard trying to take your lunch money. [/tweet_box]
You don’t want that to happen do you?
I didn’t think so.
Additionally, if you do not think differently than everyone else, you will not grow and take your business where you want it to go.
Can you see how using Quora can be a part of your
new customer acquisition plan going forward?
Based on the example we just discussed you better find a way to incorporate Quora into your new customer acquisition plan.
What do you have to lose?
So, get off your hands, get outside-the-box and give it a try.
Let me know your thoughts.
I am eager to hear what you have to say!
Do you have a customer acquisition process in place for your business?
Is that process working?
If you could improve that process would you?
If you’re answering “Yes” to all of these questions then my hats off to you. Business must be awesome!
Otherwise you and I should talk. Let’s see how I can get you to where you want to be.