Common customer mistakes:
The journey to the land of top-notch customer acquisition processes is riddled with twists and turns. And while customer acquisition is challenging, converting new business is vital to keeping a company profitable. Without customers, a company will not survive.
The right customer acquisition strategy should set your customers up for long-term success with your product and or services. However, companies often make decisions against their better judgements and wind up on the wrong path. If executed correctly, customer acquisition will enable you to reach your revenue goals in the near- and long-term. Here are common mistakes that emerge at customer acquisition and tips to avoid them to get on the path to success.
Your Customers Needs Don’t Come First
Do your customers see success with your product or services? Are they happy with the level of service they receive? If you answered ‘no’ to one or both of these questions, now is the time to go back to the drawing board. The needs of your prospects and customers should be the number one priority in your customer acquisition playbooks.
You’ve likely heard the phrase, you only get one shot at a good first impression. We’ve all received bad service in a business setting at least once in our lifetime. How did that experience make you feel? Did you solicit that business again? Or worse, did you post a disparaging review on your page or share your experience with family, friends, and colleagues? An accumulation of bad customer experiences can ruin your company’s reputation.
Bad impressions range from not having inventory to keep up with demand or a negative customer service experience.
You can prioritize the needs of your customers by: Creating a buyer persona to understand prospects and customers needs Investing in strong customer service or customer success teams
Ensuring in-field sales reps have a grasp on customer needs
Implementing a strong customer on boarding or training program
Including a FAQ section on your website or social media handle
Collecting customer surveys and feedback
Not Creating Return Customers
We all know it’s more cost-effective to keep a current customer than it is to attain a new one. In fact, a 5% increase in customer retention rates has the potential to increase profits by 25-95%. Many companies set a goal to gain repeat customers but fail to implement a proper strategy. Don’t fall into this trap.
To transform new customers into loyal brand advocates you need to think beyond the first sale or interaction. What are strategies to encourage a return visit or purchase? A personalised ‘thank you’ note or welcome email can work for some businesses. Offering discounts to entice a repeat purchase is another common tactic.
You’ll need to give customers a reason to come back or purchase again.
Here are a few tips to engage customers and to lower churn rates:
1. Focus on customer education by implementing customer training programs
2. Engage customers through email and direct mail nurture channels
3. Offer loyal customers incentives and rewards