Grab Market Share With Smarter Acquisition Programs
Politicians may argue about the state of the economy, but the consumer knows best—and according to Experian Marketing Services' "Consumer Expectation Index," confidence among consumers is finally at or above pre-recession levels. With 10 million Apple iPhone 6 devices sold during their introductory weekend, the auto industry enjoying its best third quarter in years and forecasts for this holiday season predicting a 4 percent to 4.5 percent increase in retail sales, we know that consumers are shopping more and spending more; now is the time for marketers to be aggressive to capture market share. If we reach them now, in the right channels and with the right message, we can gain new customers for life.
Prospective customers look and act like your current customers, but you can't get too comfortable—they may not even recognize your brand, and they are extremely distracted. According to our research, more than half of American consumers use four or more different devices each day and they are using them all at the same time. In fact, 69 percent of online adults admit to using their phone or computer while watching television (Opens as a PDF). Effective acquisition programs demand a cross-channel strategy from the outset.
Consumers expect brand experiences to follow them seamlessly across channels—even brands with which they don't yet have a relationship. In acquisition campaigns, you need to demonstrate you know the consumer even before the consumer knows you. As many organizations deal with conflicting internal silos, this may seem far-fetched. But our recent report shows that there are four strategies that can help marketers precisely engage acquisition targets across all touchpoints:
1. Create an Actionable Target
If we're honest, we don't really know much about our customers ... even our best customers. To develop that knowledge, you can look beyond your customer purchase data to third-party data, where you may find further insight into the customers' mindset. Joining your dataset to that of the third party and creating models to pinpoint actionable acquisition segments, you may be able to precisely identify the types of customers you want.
2. Make It Personal
Your "best customers" may appear to behave similarly, but distinct segments may have completely different reasons behind their purchase behavior. You have the opportunity to craft personal messages that speak to your target customers' motivations, lifestyle, behaviors and channel preferences. By segmenting prospects with this insight, and delivering relevant and dynamic content to each group, you have a better chance of resonating with and acquiring more customers.
3. Integrate Cross-channel Digital Advertising
Thanks to a wealth of digital identity information, from cookies to email addresses, the ability to match consumer segments to real individuals in addressable digital advertising channels is not only possible but a necessity.
4. Measure Performance, Attribution and ROI
We all face increasing pressure to prove that every dollar spent is affecting clear, measurable results. In acquisition campaigns, it can be especially challenging to prove ROI. That's why closed loop reporting—attributing real transaction results to things like exposure channel, frequency or partner—is so important.
Consumers are primed and ready to become our next best customers. You have to be smarter about engaging them with acquisition programs that honor who they are with one-to-one communication delivered seamlessly, across every channel.