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Online merchants live and die by the number of new customers they bring in.
The customer acquisition strategies used to gain new customers are numerous, as each depend on company culture, product, and personalities in play at a specific merchant. There are, however, some clear rules and customer acquisition best practices that can be employed to help optimize digital customer acquisition for all companies.
Many of the key features around customer acquisition depend on the operational systems controlling subscription billing and fraud management. Here are some best practices for digital customer acquisition.
Customer Information: Detailed customer information is the most important variable in determining which acquisition strategy will be most effective. This will influence everything from advertising buys to affiliate relationships to pricing and new product launches. The three main areas to understand are demographics, behavior or usage information, and lifetime value.
Acquisition Channels: Once an ideal customer profile is identified, it becomes easier to determine profitable acquisition channels. These channels can include print advertisements in magazines and newspapers, television ads, display ads on specific websites or networks, keyword searches, email marketing campaigns, social media, and affiliate networks.
Metrics: By creating methods and processes to track key acquisition metrics, you will get a more accurate picture of the traffic and new customers that result from each channel.
Testing, Analysis and Optimization: Another key area for testing and analysis is the message or creative elements associated with each channel.
Product Launch: Online merchants have the advantage of being able to move more quickly than standard offline products. Merchants need to determine how much potential overlap exists between current products and balance this with the estimated size of the potential market.
Pricing: Don’t be afraid to charge for value. By establishing a higher price, you are indicating that you provide greater value. Competitive offerings will also influence your pricing strategy.
Fraud: It is very important for you to monitor and manage fraud levels. If true fraud is missed, it leads to lost potential revenue and chargeback fees. Friendly fraud results in actual lost revenue and lower overall community quality.
Payment Methods: Choose among a very broad array of subscription payment methods when determining the best choices for your products. Offer the payment methods that best fit with your ideal customer profiles.