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Customer Acquisition by Mind Map: Customer Acquisition
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Customer Acquisition

Customer acquisition management is a term used to describe the methodologies and systems to manage customer prospects and inquiries, generally generated by a variety of marketing techniques. It can be considered the connectivity between advertising and customer relationship management. This critical connectivity facilitates the acquisition of targeted customers in an effective fashion. Customer acquisition management has many similarities to lead management. Sometimes missing from lead management definitions, but always included in customer acquisition management, is a closed-loop reporting system. Such a reporting system typically allows the organization to quantify the effectiveness of results of various promotional activities. This allows organizations to realize continuous improvements in both promotional activities and customer acquisition systems. Customer acquisition management also often includes the original response to a prospect immediately after their inquiry. This...

Customer Retention

Secrets of customer retention

Customer service

Effective PR campaign

Incentive/loyalty programs

Communication

Fundamentals of customer retention

Quality products @ affordable prices

Maintain customer relationship

Motivate customer to feel personally invested

Open dialogue, a) Improves chances of coming back, b) If the customer has positive experience : Will offer good testimonial (free advertisement)

Customer satisfaction

Provide best possible product/service

Positive experience with Sales reps

3 Important degree, Product/Service, Purchase process, Degree of satisfaction, Leads to future actions, Buy more products, Referrals

Benefits

Retain Customer Base

Referrals

Growth

Develop authority

Happy customers, Better work env

4 important guidelines

Offer Products or services that solves problems

Offer products or services which is easy to understand

Use effective Promotion techniques

Proper Communication mix (5 essential aspects), Sales promotion, Personal selling, Direct marketing efforts, General advertising, Public relations

Integrated marketing communication, Goal, Short Term, Long Term, Target audiences, What is the main message

Develop credibility (Good/Positive testimonials)

Customer Acquisition strategy

Small Business

Local media, TV, Print media

Internet, Social networking sites, Simple website

Large Business

Effective emarketing plan

Internet, Company website (which includes keywords/phrases increasing chance of hit in search), Online ads

Media, TV, Print, Radio

Process

Understanding customer perception

Customer value analysis, Through Market survey

Offering customer value proposition

Customer engagement

Types of connection customer with the company/brand

Customer dynamics

Flow of activity between supplier & customer

Sales team

Afffiliates, Revenue based commission

Full-Time, Salary, Commission

Marketing metrics

Performance of Sales team

Performance of product line

Competition analysis

Engagement (Feedback) analysis

Market targeting

Broad/Undifferentiated

Selective/Differentiated

Focused/Concentrated

Establish Rapport

Understand, Habits, Likes, Dislikes, Unstated needs, Additional products, Maximize benefit of mktd product

steps depends upon

Type of busines

Advertising & Operating budget

Region of operation

Intended audience

Various timings & implementation

Two important steps

Examination of Business

Having a business plan

Defining goals for acquiring & retaining customers

Research different advertising options

Definition : Identify processes and procedures to locate/quality & Ultimately secure the business of new customers

Factors that drive customer acquisition

Technological advancement

Govt. Policy

Life style changes

Purchasing frequency (the more, the higher chance of shift)

Innovation in Industry