New Customer Acquisition
Who else has my current customer? If someone does – why do they? What vehicles are they using to get that customer? How do I adapt to take over that position? Who has the customer I aspire to have? If no one- why not? Is someone does – why do they? What vehicles are they using to get that customer? How do I adapt to take over that position? A lot of questions need answers. We are here to help you get them.
How do I make sure I am targeting the right customer? There are two answers to this question, and both hinge on the definition of the “right” customer. You have two customers – your current customer, and your aspirational customer. Your current customer should be easy for you to define IF you have done the proper work to build a customer database.
First – Identify what information you already have in-house. Do you capture information such as customer name, phone number, address, phone number and email address? Most of the elements above are required to complete a transaction, so it is likely that you have the information somewhere. Assuming you have that and nothing else, you can still append information to further define “Who” your customer is. By selecting a sample of your total customer profile, and allowing a third party vendor to append demographic, psychographic and spend history or purchase data you build a data profile of your customer. This requires a minimum out-of-pocket outlay, but by defining your target effectively, you eliminate significant waste in media spend. This savings should cover the cost of the profile enhancement within the first test budget allocation. Appending customer data can reveal the following information:
- Household Income
- Marital Status
- Presence of Children
- Buying Habits
If you haven’t, we need to talk very seriously about how you capture and store data. Know your Customer-Know Yourself.