Tag: email marketing ROI

How to Gain New Customers and Reduce the Cost of Acquisition

We all hope that we can get new customers on the fly with as little spend as possible. Unfortunately, such optimism is rarely rewarded.

Customer Acquisition Cost (CAC) has been (rightly) called the startup killer. New entrepreneurs often have an unfounded optimism in whatever they’re offering. In doing so, they end up greatly underestimating how expensive getting a customer can be. 

Those that have been in business know that acquiring a new customer can cost seven times more than selling to an existing one. And, depending on the industry, it can cost you between $7 to $395 to get a new client. 

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Sounds discouraging, right? 

Indeed, customer acquisition is hard. But, the real devil’s in the details here. Much of what we know here comes from statistics that average out much of the results. 

In other words, there are plenty of companies that are just doing customer acquisition wrong. So, here are a few ways you can decrease your CAC while increasing client satisfaction.

Follow a Customer Onboarding Process

Your sales and marketing might be misaligned. Your customer success team might end up dumping all the info on them at once. Or, you may not have a repeatable process in the first place. 

There’s just too much that can go wrong with client onboarding which can drive up your acquisition cost.

Building a better customer onboarding workflow will help you reduce customer acquisition costs and increase retention. Think of how you can help your customers get the best out of your product. 

A good onboarding process should include —

 

  • An easy account registration process.
  • A succinct, but well written welcome message.
  • Reminders for clients who haven’t logged in a while.
  • A step-by-step guide to product setup.
  • Educational material to help clients leverage your product as effectively as possible.
  • Milestones for each task completed by the client in the onboarding process.
  • Robust after-sales support.

 

You can even consider creating customized solutions for clients if need be. Your onboarding workflow should make sure your client never has to sit and wonder what to do next. 

Don’t Forget Email

In their quest to become social media stars, many brands end up ignoring email to no end. Big mistake. Unlike the clunky clutter of a social media feed, the inbox is deeply personal.

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Says Brian Greenberg, CEO of True Blue Life Insurance, “The power of email is that it goes directly into a consumer’s inbox. Then it stays there. Most people don’t delete things out of their inbox, so if they need to pull up a thread you’ve had together or want to find your latest offer, all they have to do is search their inbox real quick. I’ve had people contact me at True Blue Life Insurance using a seven-month-old email.”

Some ways you can use email for customer acquisition — 

 

  • Use the reciprocity principle. Offer your prospects something free in return for their email.
  • Try cold emailing. A good cold email is a personal message and solves a problem.
  • Send follow-up messages after your first ones. 
  • Don’t spam, though. Really, don’t.

 

The popularity of email continues to grow, so, consider adding them to your marketing arsenal. If you’re strapped for time, then you can use a service like Designmodo that offers tested, high converting email templates.

Send gifts

Gifts have an advantage over other promotional methods — they forge a deeper emotional connection. And customers with such a connection with a brand have a 306% higher LTV than those that don’t. 

Most marketers today stick to electronic gift items. Redeemable coupons, gift cards, feature upgrades, etc are all popular giftable items. 

For example, GetEarlyBird.io, a new Fintech service for helping parents invest in their children’s future adds $15 to every new account opened. This is a great strategy for new SaaS companies. 

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That said, don’t write-off the humble old direct mail gifts just yet. Nothing can quite beat a direct mail gift item. They’re memorable and are more visible than their digital peers. 

Use Chatbots

No one page on your website can answer all of your prospect’s questions. And, most of them don’t have the time to find what they are looking for anyway. 

This is where Chatbots can really come in handy. Now, they can’t replace a human and have had us lol with their answers at times. But, chatbots have come a long way today. 

They can answer most general questions and can even direct users to desired resources. They also don’t take breaks and are present 24/7. 

Their acceptance rate is also climbing. For example, twice as many consumers were willing to engage with a chatbot in 2019 than in 2018. Likewise, 74% of users actually prefer to use chatbots to find answers to simple questions.

They have also been used very successfully. JoyOrganics uses a highly customized chatbot that not only offers chat but has links to FAQs right in the chatbox itself. 

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Go local

Unfortunately, many companies mistakenly think customer acquisition through the internet is all about going big. The world’s their oyster, after all. 

But, don’t forget about your local market space either. The people in your immediate vicinity can relate to your product better than those living half a world away. 

Besides, local SEO is better suited to small businesses such as restaurants, dry cleaners, home repair, etc. 

Local SEO helps slash your customer acquisition costs in a few ways. Firstly, having an office in a city helps your clients see your presence upfront. Secondly, you can forge better relationships with people you actually meet. Your local following can also help you build a better brand (think KFC). 

Customer acquisition gets hard and expensive when you’re more concerned with the sale than with helping customers. All the methods described above work best when used to forward as much benefit as possible. 

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The post How to Gain New Customers and Reduce the Cost of Acquisition appeared first on Social Media Week.

http://socialmediaweek.org/blog/2021/02/how-to-gain-new-customers-and-reduce-the-cost-of-acquisition/

How To Use Facebook Newsfeed Ads To Grow Your Email List

The ROI of email marketing is as high as it has ever been, but attracting email subscribers is becoming trickier. Fortunately, Facebook is a goldmine of potential email subscribers. Running Facebook Newsfeed ads can be one of the most effective ways to build your list.

Facebook Newsfeed ads were introduced in 2012. They have taken off in recent years, because they primarily appeal to mobile users. Since mobile users account for 80% of Facebook advertising revenue, demand for Newsfeed ads has skyrocketed.

Facebook Newsfeed Ads Blow Sidebar Ads Away for List Building

When most of my clients want to run their first Facebook campaign, they usually prefer buying ads in the sidebar. Sidebar ads can be great for branding, but they are not ideal for building an email list.

I have found that Newsfeed ads have a much CTR and conversion rates, which is consistent with other marketers’ experiences. Anjay Anand, the founder of Rare Carat and a seven-figure Facebook advertiser, states that the CTR of his sidebar ads is only 0.42%. The CTR of his Newsfeed ads is 2.76% and the conversion rate is much higher as well.

Facebook Newsfeed Strategies to Grow Your List

Many Facebook advertisers use the same strategies with their Newsfeed ads that they apply when placing ads in the sidebar. Don’t make this mistake, because users respond to the ads differently. Here are some tips to engage users with Newsfeed ads.

Segment Mobile and Desktop Ads

Since mobile ads account for four out of five advertising dollars spent on Facebook, you can’t afford to ignore them. However, you will find that the funnels that work well for desktop users aren’t as effective with mobile marketing. You will need to use different opt-in boxes, ad copy and landing page styles to reach mobile Facebook users. Although I mentioned that longer form content is important, your mobile squeeze pages will probably need to be more succinct than your desktop ones.

It is important to segregate your mobile and desktop optimized pages to see which performs best for all users. There are a number of third-party tools that you can use to grow your email list. Many of these tools were built with mobile marketers in mind.

Use Long-form Content With Your Landing Pages

In the early days of email marketing, you could create a very basic opt-in page with little surrounding content. This doesn’t cut it anymore, especially if you are trying to reach people on Facebook.

Facebook has been weeding out advertisers that post use thin content. They often ban advertiser that use landing pages that offer little value to their users. Zac Johnson, a digital marketing veteran and the founder of Blogging.org, stated that Facebook has also tweaked the algorithm, so Newsfeed ads are less likely to appear if they don’t offer a great user experience.

Last year, Facebook tweaked its algorithm to reward longer form posts. It seems 90% of email marketers that build their list with Facebook aren’t aware of this change, which is why they are struggling to get new subscribers. Writing longer-form content for your opt-in pages will drive more traffic from Facebook Newsfeed ads,” Johnson explains.

How long should your landing page content be? There isn’t a hard word count, but landing pages with 500 to 1,000 words tend to rank well with Facebook’s Newsfeed Ads algorithm.

Of course, you need to make sure that the content doesn’t distract from the call-to-action. It must be engaging enough to keep readers on the page and support your conversion goal. Adding a floating subscriber box is a good way to ensure the call-to-action has the reader’s attention while they scroll through your content. Better yet, use a landing page software like Wishpond to create dedicated landing pages for each of the different ad copy being used.

Once a Facebook visitor converts to an email subscriber, your content should be personalized to that individual based on what Facebook ad copy converted them in the first place. If a Facebook visitor converted from an ad about sunglasses but you start emailing them about swimwear, then they aren’t getting a very seamless or personalized experience. Email automation platforms, like Campaign Monitor, give marketers the ability to segment their lists based on individual ad copy to ensure the content each individual receives is personalized to their interests.

Leverage Video Content

Video content is one of the best ways to engage people online. So why not embed them into your Facebook Newsfeed ads?

Srish Agrawal, a white label video marketing expert, states that video is one of the best ways to reach people through Facebook ads. However, the same approaches that help you boost organic search traffic don’t work as well with Facebook advertising. More specifically, Agrawal recommends using smaller videos.

“If you are looking at how Facebook continues to promote it’s best content and also how users are consuming it — video is definitely getting more attention than ever before. This is mainly due to the concept that more people are accessing the platform through their mobile devices and are in more of a data-consuming mode than taking action. This is where advertisers are seeing a lot of success with video ad campaigns for engagement and branding, versus trying to send users to a form or to complete a lead gen or sales page. What’s also working best is using a much shorter video, around 15-30 seconds (which is the complete opposite when trying to use Facebook for organic reach and text updates.”

Emphasize Social Proof

Newsfeed ads are primarily used to emphasize social messages. Before using them to build your email list, you want to focus on building your social reach. Your Facebook Newsfeed ads should mention that you have followers in the users’ own circle of friends. This helps your ads draw attention, which makes it more likely they will click on them.

Test Facebook Newsfeed Ads to Grow Your Email List

Facebook is one of the best platforms to scale your list-building strategy. Too many users focus on sidebar ads, but the Newsfeed ads tend to work much better. You just need to make sure that you have the right funnel in place to convert them.

The post How To Use Facebook Newsfeed Ads To Grow Your Email List appeared first on Social Media Week.

http://socialmediaweek.org/blog/2018/07/how-to-use-facebook-newsfeed-ads-to-grow-your-email-list/