Hundreds of thousands of startups are founded every day and most end up in the dirt. Their graves serve as a mark for those that follow. While this sounds terrifying, it is important for you to remember this fact, as a startup founder, daily. Now that I have acted as your alarm clock, let us focus on your customer acquisition costs. You’ve most likely done your research for managing your costs, but these tips can take your customer acquisition strategy one step further by removing any additional costs you may have overlooked.
1. Target the Right Audience Base
Your total market will involve a large number of people. They range from prospective leads to low interest clients who are simply browsing. Use your buyer personas and attack the niche audience market that your main clientele consists of. A customer that has already registered for your webinar/downloaded your brochure will not require the content you promote for fresh customers. Being specific allows you to allocate more resources towards the right audience base.
2. Early Engagement Means More Customers
The earlier you showcase your product to your customers, the more likely they are to stick with the product. Delaying the chance for a customer to experience the product by having them jump through different pages demotivates them from further investing their time. Instead, provide an opportunity to experience the product as soon as possible to save on unnecessary costs.
3. Refocus on Customers that Exhibit Interest
You should already be aware that acquiring new customers is costlier than maintaining existing ones. The same applies for potential customers. There could be clients who give insufficient data where they forget to fill in the complete details or merely forget to hit enter who will appreciate a gentle reminder. In this manner, you are focusing on converting the customers who were already invested in the product instead of new customers.
4. Clearly Highlight What You Offer
Since you will either be new to the market or have a completely new industry you are supplying to, you should clearly state all the key elements of your product to your customer. In the first point of contact with your customer, you can show a checklist of the various advantages and key details of your product so that the customer is aware from the get-go. This will keep your position in the industry and what you offer crystal clear.
5. Provide FAQs
Any questions the customer may have should be answered on the spot. Brainstorm and pre-empt any doubts they can have and have an FAQ section at the bottom of your website page. Certain technical elements are better explained through video so you can host a virtual webinar to provide a live guided explanation, or you can create demo videos for interested (but not available for webinars) customers. Both function well in targeting a large group of people with limited resources.
Your startup idea is your baby and while spending less on your baby might not make sense but saving on unnecessary costs does. You have limited resources at the beginning of your journey but a lot of ground to cover. Using the above tips will stretch your reach while considerably lowering your costs. Consider each of them carefully and watch your baby take its first steps.
