


Chances are, there are several complementary businesses in your niche as well, with similar customer bases. Not everyone in your industry is a competitor. Use any old information you have on them (email, phone number, address, etc.), and reach out with an irresistible offer to earn their business again. Getting them back to your business is like re-acquiring them as a brand new customer. If it’s been years since a customer was last active, many businesses won’t refer to that person as an existing customer anymore.

While this might seem like customer retention, not acquisition, that’s not necessarily the case. Retargeting old customers is a great place to start.

Now that we’ve defined it, let’s look at how to acquire customers. Note: The total marketing cost includes all program, software, and marketing spend, salaries, wages, commissions, bonuses, and overhead associated with acquiring new leads and customers within the time period you’re evaluating (month, quarter, year). So if a company spent $300K on sales and marketing, and generated 300 new customers in one quarter, their customer acquisition cost would be $1K. This is important because it assigns real value to your marketing efforts and allows you to measure your ROI.ĭisplayed as a formula, it looks like this: This article will cover 15 actionable ways to acquire new customers, but first … What is the cost of acquiring a new customer?Ĭustomer acquisition cost (CAC) is the total sales and marketing cost required to earn a new customer over a designated period. If you don’t stay up to date and tweak your marketing strategies, you may struggle to keep your sales funnel full. You can spend countless hours working on a great idea and perfecting your product or service, but all future growth boils down to one key factor - your ability to acquire new customers and retain them long-term.Īcquiring new customers may sound simple, but it can be incredibly challenging to find new opportunities in today’s saturated marketplace.
