- Per NG Data new customer acquisition refers to the gaining of new customers.
That’s it. End of story. Right?
Per the letter of the law, you’re exactly right. Or should I say
“Dead on balls accurate”, per Marissa Tomei in My Cousin Vinny. That movie is a classic! If you have not seen it you should, as it will give you some belly laughs for sure.
Where were we…Oh yes, the definition of new customer acquisition.
Yes, that is what the definition of new customer acquisition is.
Of course it does.
[tweet_box design=”default” float=”none”]What does new customer acquisition mean?[/tweet_box]
That my friend is the million dollar question that we’ll answer for you, but you need to keep reading to find out the answer.
Why should you keep reading?
- We’re going to look at what customer acquisition actually means – take an outside-the-box approach so you can increase your new customer acquisition rate and increase revenue for your small business.
Sound good to you?
On a related note we did discuss the definition of new customer acquisition in another awesomely written blog post that you should take a minute and read.
There is more behind new customer acquisition than simply gaining new customers.
Now on to the meat and potatoes of this blog post.
What does new customer acquisition mean for small business?
We first have to look at the reasons why your customers buy.
- According to MBA Research.org the reasons that customers select one product/service over another are based on their needs and wants.
What are your thoughts?
Pretty straightforward don’t you think?
[tweet_box design=”default” float=”none”]Why do your customers buy from you?[/tweet_box]
I would say so myself. I want to circle back to this in just a minute. So, remember this one reason as we’ll discuss in further detail shortly.
Moving on to some more reasons why people buy.
Here are 6 reasons that customers buy from MarketingProfs.
- Their experiences with you.
What do you mean by that?
When a prospect has a positive experience with you, your product/service, and you make them feel special in all of your dealings, they tend to buy from you – provided you satisfy their needs and wants.
- Your product or service benefits.
Your product/service satisfies the needs and wants of your customer, thus they buy.
- Your trustworthiness and reputation.
Basically, your product/service and most importantly YOU do what you say you’re going to do.
- The value they receive.
Which means you provide exceptional customer service in addition to a quality product/service.
- Make transactions easy, safe, and secure.
Make it so easy for your prospect to buy from you that your 2-year old could do it, while making those method(s) safe and secure so no one’s information becomes compromised.
- How well you articulate their most pressing concerns.
You need to think like your prospect – get inside their head if you will. Know exactly what your prospect’s needs, wants, and desires before they tell you what they are.
How are you doing?
Are you picking up what I am putting down?
Now back to what we discussed earlier.
What does new customer acquisition mean?
Remember, the first reason we discussed that I said we would circle back to?
That’s okay. I’ll remind you.
The reasons why a customer selects one product/service over the other is based on their needs and wants.
New customer acquisition is all about finding out your prospect’s needs and wants.
That’s it. That’s the answer to the million dollar question – what does new customer acquisition mean.
You need to find out your prospect’s needs and wants.
This is the very essence of new customer acquisition for your small business.
It has nothing to do with the product/service you sell, your company, etc.
It is all about your prospect’s needs and wants.
The challenge to you is you need to find out what those are.
If and only if your product/service satisfies those needs and wants will they become your customer.
Sounds easy right?
All you need to do is find out their needs and wants?
I hate to be a buzzkill, but it is really hard to do and I explain why new customer acquisition is so hard in an earlier blog post that was written by me.
How do you find out your prospect’s needs and wants?
A lot of questions.
A mixture of open-ended and closed-ended questions.
- What is an open-ended question?
Tell me about your customer acquisition process?
What is your process for acquiring new customers?
Walk me through your customer acquisition retention strategy?
- What is a closed-ended question?
Does your customer acquisition strategy work?
What is your customer retention rate?
How many new customers do you acquire each month?
That’s the simple process you can implement in your business to find out what your prospect’s needs and wants are so you can see if there is an opportunity you to be able to satisfy them.
If you can they become your customer. If you can’t, then you’ll have to move on to the next potential customer.
Okay. Good stuff.
Well that will do it for our conversation today in regards to what does new customer acquisition mean. Implement that simple process we discussed and watch your results improve dramatically.
Proof is in the pudding!
Do you have a customer acquisition process in place for your business?
Is that process working?
Is that process efficient?
Is that process cost-effective for your business?
If you could improve that process would you?
Do you need help in figuring out which parts of your process should stay or go?
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.