If you’ve advertised for your business recently, you’ve probably noticed that the standard cost of acquisition across digital marketing platforms keeps getting higher. Companies like Facebook are changing their algorithms to show fewer ads. What that means for marketers is a higher price for impressions—and therefore a higher cost of customer acquisition.
With customers becoming more expensive to find, entrepreneurs are beginning to look for more creative ways to ensure that they’re getting the best customers possible—the ones most likely to develop valuable long-term relationships with their brands.
It’s a simple matter of business economics. If you’re paying more for something, you naturally need to get more value from that purchase. While there’s no silver bullet to guarantee a constant flow of dream customers, there are several things you can do today, to improve your chances of attracting more of them.
When it comes to acquiring better customers for your business, here are the three key points Mayer and I discussed.
1. Harness The Power Of Your Employees
Like many in here industry, Mayer is concerned with rising acquisition costs. “It’s quite expensive to acquire a new customer via advertising,” she noted. “That’s why I always emphasize the importance of having a product with some sort of word-of-mouth virality. Otherwise it can be very difficult to economically acquire customers.”
Her point—that your brand should be interesting enough to generate buzz without extensive advertising—has been taken to heart by many entrepreneurs. Earned media is always worth more than paid media, but how do you get these organic conversations started in the first place?
Try starting with your employees. As fellow entrepreneur Roope Heinilä, CEO and co-founder of employee engagement platform Smarp shares, “Consumers and algorithms don’t really trust a brand’s content on social media, but they do trust ordinary people. Most companies don’t realize that they have a ready-made team of in-house influencers already sitting at keyboards in their office.”
Customers brought in by employees are likely to remain loyal and engaged because they have an instant connection with the…