Diversify Your Customer Acquisition Plan With These 4 Tips

Diversify Customer Acquisition Plan

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Business growth is the primary directive for most advertising and marketing teams, but in recent years the average cost to acquire new customers has been rising consistently. Faced with that reality, advertisers must create diverse strategies. 

Diversifying your customer acquisition plan increases your chances of reaching new consumers and converting them into buyers. Diversification also ensures that as the effectiveness of any given channel evolves over time, you’ll be primed and ready to adapt your focus so you can continue achieving results and seeing a positive return on investment. 

Let’s dive into the importance of a diverse customer acquisition plan and look at four tips that will help you build a strategy that works.

In this post, we’ll cover the following:

Why is diversification an important part of your customer acquisition plan?

4 tips for a diverse customer acquisition plan

#1: Brainstorm new acquisition channels

#2: Run test campaigns to mitigate risk

#3: Keep an eye on the long game

#4: Invest in your branding and creative

Why is diversification an important part of your customer acquisition plan?

The goal of customer acquisition is to turn consumers into buyers by exposing them to your brand, educating them about what you do, or otherwise encouraging them to purchase. Acquiring new customers leads to business growth, because ideally revenue increases along with the size of your customer base. Most companies see customer acquisition not just as nice-to-have, but as absolutely necessary; with that much at stake, it’s a good idea to diversify your approach instead of putting all your eggs in one customer acquisition basket.

In the early stages of a company’s development, it may make sense to devote an entire customer acquisition plan (and budget) to the major players like Facebook and Google. But average customer acquisition cost (CAC) on those platforms is rising while results and the potential for return are falling. As the advertising world adapts to today’s cookie-less and post-IDFA reality, diversified, omni channel marketing is the right strategy for right now.

4 tips for a diverse customer acquisition plan

Here are four tips advertisers should use while diversifying their plans to acquire customers:

#1: Brainstorm new acquisition channels

Before you can implement your diversification strategy, you need to assess and analyze which acquisition channels are going to be most promising for your company. The proof you need to proceed will come from testing, but it’s still smart to cast the widest possible net at the outset. Start brainstorming channels that take into account both what you know about your target audience and your specific customer acquisition goals.

Here is an overview of some the most common channels that can factor into a diversified customer acquisition plan:

  • Paid ads: Regardless of what channel you’re using, running targeted ads is an effective way to reach consumers with relevant content that encourages them to buy.
  • Social media: Although social media advertising prices can range greatly from platform to platform, this is by and large where consumers are already interacting with brands.
  • Influencers: Running influencer and affiliate marketing campaigns is a good way to build trust with your audience and acquire new customers through referrals.
  • Content: Encourage consumers to move through your customer acquisition funnel by sharing your brand story and talking up your company on your blog.
  • Email: Direct email marketing is an incredibly effective customer acquisition channel; studies have shown that email generates an incredible return on investment of 4200%.
  • Search: Implementing effective search engine optimization strategies will ensure that your company is top of mind each time a potential customer conducts a related search.
  • Mobile Games: Everyone is on mobile these days. Mobile games are typically home to a wide variety of interactive and rewarded ad formats. In-app ads also outperform traditional marketing channels, thanks to their performance pricing.

Want to learn more about mobile games and in-app ads? Check out Tapjoy’s full suite of solutions.

#2: Run test campaigns to mitigate risk

Testing is an important step in diversification because it’s how you can make sure your investment is going to yield results before devoting company resources into unknown channels. In today’s advertising landscape, you’ll probably want to partner with a mobile measurement partner (MMP) that can help you run tests and crunch the numbers on your results. Although you don’t need to throw your whole ad budget at a test campaign, it’s a good idea to have some skin in the game. Invest an amount that is manageable for you, but that is large enough to really give you a sense of how your ad will perform on that channel.

Ready to launch a test campaign to see how Tapjoy can help you meet your customer acquisition goals? Contact us today.

#3: Keep an eye on the long game

If your test campaigns reveal that any of the channels you’re considering yield net negative results, that’s a clear sign to cut them from your customer acquisition plan. But as long as you’re not losing money, it may be a good idea to nurture the channels that show results on a smaller scale. Think of it this way: in addition to diversifying your channels, you’ll be diversifying timelines. While you focus the lion’s share of your advertising budget on the customer acquisition channels that deliver big results today, you can also be investing smaller sums in the channels that may be on the rise, or may need a little extra attention before they become your big earners.

#4: Invest in your branding and creative

Whether your test campaigns lead you to invest in direct channel marketing or some new experimental channel, make sure that your branding is up to the task of achieving your goals. Powerful branding and dynamic creative elements go a long way toward creating the positive associations that inspire consumers to become customers. When you’ve built a recognizable, memorable brand, implementing the right combination of diversified channels will lead to compounding successes with your customer acquisition plan.

Customer acquisition is a critical part of any marketing strategy; don’t make it a guessing game or a shot in the dark. Diversifying your strategy is the right move for today’s digital economy and consumer mindset.

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