CUSTOMER ACQUISITION AND ITS STAGES

Customer acquisition is a process to bring in new customers to the sales funnel and enhance the business by converting them into customers. The main target of every business is to create proper planning that brings new customers in a simple and systematized way. An important part of the planning is the ability to measure its customer acquisition cost. In the digital term, it is referred to as ‘CPA’ or ‘cost-per-acquisition. So customer acquisition strategy is an ongoing effort that should e refined and updated regularly in response to market changes and trends.

The Importance Of Customer Acquisition Strategy

To stand in the competitive market, companies need to upgrade their strategies continuously in two ways. First, they need to attract new customers and convert them into customers. Another important part is to persuade existing customers to spend more in a unique way. A well-planned strategy can preserve the resources. This strategy maximizes the ROI by targeting the right prospects and delivering the right message at the right time. 

Core Elements Of A Customer Acquisition Strategy

There is no ready template for developing the why, where, and how a customer acquisition strategy works. The strategy should be customized according to the nature, requirements, and target audience of the business.

Integrating Business Goals

The metrics, that will measure the success of the organization should be established at the outset. It is important to follow the background story or the history of growth as well as industry benchmarks when setting the strategy and business goal. 

Finding The Right Acquisition Channels

A customer acquisition strategy can be positioned on a variety of fronts. Some examples are SEO, content marketing, affiliate marketing, digital advertising, and traditional methods of advertisements, trade shows, direct mail, email, and social media campaigns. Testing the different channel performances is the only way to know the highest value of these mediums. 

Stages Of The Customer Acquisition Funnel

The customer acquisition funnel should not be confused with the lead generation funnel. In the digital world, we actually visualize the customer journey in the form of a funnel. In this journey, customers gain awareness and interest in the brand and the offerings. Then in the next step, they add the products or show interest in taking the services or offerings. In the final step, they decide to be the paying customers of the business. In the case of lead generation, it makes up the top part of the sales funnel, the lead acquisition is the middle section, and lead conversion stays at the bottom. Customer acquisition is the end-to-end process that involves all of these stages. It is wide at the top and narrow in the lower part. 

The stages of Client acquisition strategies are-

1. Awareness-  In the brand awareness stage, new prospects and audiences are exposed to the brand or the offerings for the first time by the marketing strategies of the organization or the individual research. 

2. Interest- The brand educates the customers about the offerings through quality content or guidelines. Customers’ interaction or engagement with those guidelines or contents helps the marketers to know about the customer’s interest.

3. Consideration – After knowing about the brand or the services, prospects visit the brand website, download content, and might register for a free demonstration. This time they become more familiar with the brand and its offerings.

4. Intent – Prospects make their way further down towards the purchase decision or conversion. They do this by watching the product demos or consultation.

5. Evaluation – The brand or the organization engages them further in response to the recent activities of the customers. Then prospects take the final decision of purchasing the product or take the services.

 6. Purchase – Prospects become customers when they purchase or take the services offered by the brand. Beyond selling, companies can look for opportunities, cross-sell, upsell, and reward customer loyalty.

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ROI IN MARKETING

ROI or Return On Investment is a performance calculator that evaluates the efficiency or profitability of an investment. ROI is one of the most important factors of a marketing campaign. Through this measure, companies or marketers can judge the performance and can decide whether the marketing efforts are dragging profit to the organization or not. Today, CloudVandana is exploring the concept of ROI in marketing.

Marketing ROI is the practice of assigning profit and revenue growth to marketing efforts. In a single work, marketing ROI is used to justify the marketing budget allocation for present and future campaigns.

How Companies Are Using Marketing ROI

At the beginning of a campaign, calculating the return on marketing investment can help the companies to take proper business decisions and optimize marketing efforts. Understanding the ROI generated by a marketing campaign helps marketers in many ways.

Justify Marketing Spend

In order to secure a budget and resources for future campaigns, the present budget status should be justified at a high level. So marketers should efficiently calculate the ROI for enhancement of the marketing strategy as well as organization. For example, if native advertisements are driving more sales and ROI, rather than display ads, budgets can be properly allocated.

Distribution Of Marketing Budget

Marketing campaign combines both online and offline marketing. Any combination of campaigns requires funding. So understanding the proper source of conversion is very important for the proper distribution of the marketing budget. 

Measuring Campaign Success

Another important part of a marketing campaign is to measure the campaign’s success and establishing the strategies that can work as a reference in future efforts. By understanding the impact of individual campaigns on overall revenue growth, marketers can decide the right mix of offline and online campaign efforts. Measuring ROI consistently allows marketers to establish the proper strategy to quickly reach the success line.

Competitive Scanning

Keeping an eye on the marketing ROI of competitors helps marketers to understand the performance of the competitors. Through the tracking of publicly available data, marketers can estimate the ROI of competitors.

Rule Of Perfect Marketing ROI

The proper rule of calculating marketing ROI is 5:1 ratio, an exceptional ROI is being considered at around 10:1 ratio. Any ratio below 2:1 is considered not profitable, as the costs to produce and distribute the services often break with the spending and returns. 

Costs and overhead lower than 50 percent of the sales price can be considered as profits on their efforts even on lower ratios. As every organization is different, it is important to consider the different overhead costs for different companies, margins, and industry factors to calculate the ROI. 

Tips To Improve Marketing ROI

After getting the overview of marketing ROI, CloudVandana is providing few tips to improve the marketing ROI.

1. Establishing Proper Goals

It is very important to set a clear goal that indicates the external factors and consider leveraging measurements like brand awareness strategies, social platform engagements, or a ratio between MQLs and SQLs. 

2. Cost Controlling

Including marketing, costs can help marketers clearly formulate the marketing ROI measurement strategies and decide on what metrics to include in their ROI calculations.

3. Marketing Analytics Platform

 Utilizing the proper attribution models and marketing measurement strategies works the best to track consumers across the omnichannel landscape, leading to clearer, holistic and granular results. Focussing on a marketing analytics platform to unite the separate attributions beside online and offline measurements, leading to more effective and proper ROI measurement.

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DIFFERENT TYPES OF CRM TECHNOLOGY

CRM or Customer Relationship Management indicates the technologies, practices, and strategies used by organizations for communicating and managing current and potential customers. It also analyzes customer interactions throughout the customer lifecycle. CRM  provides enhanced customer service, improving business relationships, profitability, and driving sales growth. CRM collects and consolidates customer data from various channels. The information is extracted from the company’s website, live chat, direct mail, telephone, social media platforms, marketing materials, and other sources. 

Customer Relationship Management 

  • Understands the needs of the customers.
  • Executes or delivers the requirement of the customers.
  • Predicts the future needs of the customers.
  • Responds to customers’ requirements with targeted communications.

A properly planned customer relationship strategy can control both the business operations and customers interactions at the same time. Sometimes, it includes CRM software. CRM software helps organizations track and organize their customer database. The main focus of CRM is to maintain healthy long-term relationships with customers.

CRM For Businesses

CRM software plays an important role to satisfy the customers in different aspects. A successful CRM program helps organizations to improve their business operations. CRM software first understands the customer requirements, then provides a customized solution according to the customer needs to boost the customer relationship. Additionally, CRM Software helps in making a profit and enhance business. CRM also helps the sales team to close deals faster, maintain existing customers, and find new potential quickly. CRM also makes the marketing and sales process easy. CRM software keeps the track of customers’ interests and engagements to provide a personalized service offering. 

Key Features Of CRM

Customer Relationship Management software observes customer data and reports it into a single CRM database. This database helps the users to find the required information and enhance the business process. The information can be accessed anytime according to the requirements.

In recent times, few more additions have been added to the CRM systems that make CRM  more complete and useful. Companies can interact with potential or existing customers through various channels or platforms, like social media, cold calling, email marketing, etc.  CRM stores those data of interaction for any future needs. Besides these functions, CRM provides various automation process that reduces the human error and saves quality time of the sales team so that the team can concentrate in other more productive and important activities.

 Mainly 4 types of CRM systems are available at the present time, among them, Salesforce is recognized as the world’s #1 CRM platform. The followings are the different types of CRM technologies.

On-Premises CRM

The on-premises Customer Relationship Management (CRM) controls the key responsibilities like maintenance, security, administration, collection and storage of the information, and the database of the organization. In this case, organizations mainly buy licenses upfront rather than purchasing annual subscriptions from the Cloud CRM provider. Though the integration process is extended, all the required organizational data can be integrated into one platform. Organizations with special CRM needs definitely get benefited from this form of CRM.

Cloud-Based CRM

Cloud-Based Customer Relationship Management is also recognized as on-demand CRM or SAAS. The collected organizational data is saved on the external remote network. The employees can access and make required changes to the data from anywhere in the world. Sometimes, CRM solutions may involve a third-party service provider for installation and maintenance. Nowadays, maximum organizations are adopting cloud-based CRM for its cost-effective advantage. This also provides a flexible option of monthly or yearly payment, so users can choose the payment method according to their convenience. 

Open-Source CRM

 An open-source CRM makes source code available to the public. In this CRM, employing the system does not require any corporate funds. They can simply enable the addition and customization of data links on social media channels, helping the organizations to improve the social CRM practices.

Contact Center 

The sales and marketing collect the leads and preserve them in the system with information throughout the customer lifecycle. The contact center collects those data and proceed with technical support interactions.

Social CRM

This CRM helps organizations to engage with the potential as well as existing customers in social media platforms, like Facebook, Twitter, Linked In, and many more. These open social platforms offer the opportunity to share the customers’ reviews and ratings with the companies. Positive feedback helps to boost mileage whereas negative feedback helps to rectify the faults. Businesses use various CRM tools to detect customer interactions on social media. The social CRM adds value to the company through customer communities too. This CRM  is suitable for small-level businesses. 

Mobile CRM

In present days, mobile devices work as the primary device for internet surfing. Marketing professionals and sales representatives need to access the required information at any time, in any location. Mobile CRM was introduced to access the CRM data through mobile devices, so accessing the CRM data becomes easy, quick,  and convenient for sales and marketing representatives.

 It totally depends on the organization’s resources, goals, operations, and business needs for selecting the right CRM solution and deploying it in their system. If you are looking for an effective CRM solution for your organization, CloudVandana is here to guide you in every step of the process. Take a 15 minutes consultation call for any doubts or queries. 

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5 MAIN FEATURES OF PARDOT TO ENHANCE MARKETING ROI

Pardot is recognized as the smarter marketing automation by the world’s #CRM platform Salesforce. Pardot helps the marketer to get an average of a 40% increase in marketing efficiency. Pardot is the best marketing automation software delivered by Salesforce for B2B marketers. Salesforce Pardot features helps the company’s sales and marketing team to boost revenue and efficiency. Salesforce Pardot can help marketers and companies to get more pipelines and marketing ROI. With the help of a personalized campaign in Pardot, the creation, and the movement of the leads through the pipeline become quick and efficient. 

The features of Pardot include streamlined lead management, smart lead generation, effortless email marketing, seamless sales alignment, social media integration, and insightful ROI reporting. Marketers can generate high-quality leads, improve follow-ups, and simplify the workflow with the help of Pardot. Additionally, Pardot helps the marketers to track the content performance, compare their engagement levels to gain insights that allow them to optimize, distribute, and track the internal engagement. 

There is a huge range of features and tools to automate and increase marketing efficiency. CloudVandana has given a detailed description of 5 top features of Pardot that are most favored among many other features.

1. Engagement Studio

Engagement Studio is one of the most popular Pardot features that allows users to visualize email drip campaigns. Once the drip campaign is activated, marketers can track and monitor the campaign. Pardot Engagement Studio allows the marketers to add/ remove lists, add/remove tags, assign users or groups, change fields, notify the user, and sending automated emails on behalf of the user. Users can use a Salesforce connector to design these actions. Actions can be set according to the requirements like, immediately or when the leads reach a particular step. Engagement Studio keeps the prospects targeted for the chosen amount of time through the part with the help of triggers like email open, email open link, file download, click on content, etc. 

2. Connected Campaigns

This new Pardot feature was released in Spring’18. With the help of connected campaigns, the Pardot Campaigns, and Salesforce Campaigns are combined for delivering multi-attribution Salesforce Campaigns. This Pardot feature streamlines campaign management and improves campaign reporting. By enabling this feature, users can reduce clutter and save time by working with Engagement History and Pardot Einstein Campaign Insights while users can work with the Pardot prospects without leaving Salesforce. Connected Campaigns allow marketers to work more effectively.

3. B2B Marketing Analytics

B2B Marketing Analytics is an Einstein Analytics application that is another popular Pardot feature that can maximize marketing as well as Sales efforts by combining marketing and sales data in a single platform. The B2B marketing analytics tool helps the user to visualize campaign ROI across the various campaigns to prioritize and increase or decrease spending for the campaigns that work best.  The multi-touch attribution dashboard helps marketers to gain insights into how the various campaigns influence creating awareness and helps in closing deals fast. So B2B marketing feature allows the marketer to allocate budget to campaigns depending on business goals. 

4. Salesforce User Sync

 Salesforce User Sync feature was introduced by Salesforce for the administrators to manage their Pardot and Salesforce users. This feature is available through the Salesforce Sales Cloud for Pardot users for a better user experience, improved management system, and security. This feature can be enabled through the Salesforce and Pardot connector. When the user empowers the User Sync for Pardot, it becomes a Salesforce platform-powered native lighting apps. The Pardot admin can sync the Salesforce profile with the Pardot profiles to create synced users. In the case of a new user in Pardot, the user profile is matched to the respective Salesforce user profile, but once the changes are enabled, can not be disabled. 

5. Dynamic Content

Dynamic Content provides different personalized copies to the prospects as per their engagement and requirement. As the contents are personalized and based on engagement, so it provides a seamless experience to the customers and enhances the marketing ROI. Dynamic content helps to increase the conversion rate through landing pages and email list subscribers. Marketers can use this important feature of Pardot strategically to create landing pages based on the pipeline. 

Though Implementing Pardot and its tools are flexible and easy, still few organizations face some difficulties in proper Implementation according to their business needs. So the process becomes complicated and time-consuming. In CloudVandana, we have a certified team specialized in Pardot and Salesforce who can provide you a seamless implementation or can give consultation that suits best to your Organization. Please take a 15 minutes Free Consultation call and let us know your doubts regarding any Salesforce Customization.

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