For the majority of businesses, marketing outreach consists of lead generation – after all, if you don’t have customers you can’t have a successful business.
But – how much does it cost for you to find and convert those leads? If you aren’t aware of this cost, then you aren’t able to fully measure your efforts’ efficacy. To calculate your lead acquisition cost, simply divide your total lead generation costs by the number of customers you were able to acquire during that period.
Now it’s time to lower that cost. These tips will help your business focus the right resources in the right places to maximize the return on your marketing.
Use Remarketing By Capturing Data
One of the first steps in lead acquisition is gathering consumer information so that follow-up can be done to nurture them to conversions. But what if a user stops filling out your form before pressing submit? In this case, a platform like Mov-ology’s retains that data even when it is unsubmitted so that you can transform that consumer’s interest into becoming a client. Web form abandonment can be a major culprit of lost leads and a reduced ROI, so getting a second chance to connect with these leads will improve your overall marketing efforts.
Track Conversions To Improve Your Site
Measure user activity on your web site to find the places that are working to drive engagement. Perform A/B testing often with elements like your shopping cart and web forms so that you grab user’s attention in the right way. If you’re spending on assets that aren’t performing, then you’re increasing acquisition costs without the results you want.
Focus On Your Current Customers
It may seem antithetical to focus on your existing customers to draw in new ones, but they can be the chief source of referrals for new business. 67% of Americans report being more likely to buy something after it was shared by a friend or family. To increase the chance of referrals, be sure that all customers – even those with complaints – are treated fairly and maturely, and feel as though you care about their experience.
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About Us
MOV•ology™ LLC provides real-time automated web form abandonment solutions to increase ROI using our Patented Technology (US Patents 9,280,531, 9,286,282 & 9,589,281).
To learn more, visit us at www.movology.com, call us at 714-855-1670 or send an email to info@movology.com.
https://www.business2community.com/marketing/numbers-dont-lie-2016-nielsen-study-revealed-referrals-01477256#kkxmwcP0X4c7wpBV.97
httpss://blog.kissmetrics.com/customer-acquisition-cost/
httpss://jimmydata.com/blog/7-ways-can-reduce-customer-acquisition-costs/