Eps 3: Are You Acquireing The Best You Can? Three Signs Of Failure
— Pittsburgh Steelers with Michael
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Host
Daisy Shelton
Podcast Content
With more job seekers looking for their next great opportunity than ever, your responsibility as the leader of the business is to invest in acquiring talent. With some support, you can create a successful talent acquisition strategy and elevate hiring to a new level. With these five foundations as a guide, we can begin to construct a talent acquisition strategy that works.
If you know what your customers most common goals are, then you can re-engineer your recruitment strategy. The best way to improve customer acquisition is to have a fixed strategy -- a strategy in which you know how you are going to drive demand, what you are spending those efforts, and how you are going to turn visitors into paying customers.
You are using paid customer acquisition strategies if you are aggressively investing money in getting a prospect to act. You have to be doing customer acquisition, because you cannot assume that your customers are going to stay with you forever. Organic customer acquisition strategies cost your company money too, but only because you need to pay your team to do them.
Acquiring new customers involves creating a sustainable acquisition strategy that can be developed over time. Sometimes, a company may find it is more cost-effective to buy out another company that has already implemented the new technology successfully, rather than spending time and money developing the new technology themselves. Such a company may seek promising, young companies to buy up and integrate into a firms revenue stream as a new avenue to profitability.
An acquisition is when a company buys a majority or all of the stock in another company in order to take control of that company. As the mutual consolidation of two companies into one new entity, mergers are a form of more-than-friendly takeover. An acquisition is usually a friendly, whereas an acquisition may be hostile; a merger creates an entirely new entity out of the two individual companies.
Hostile acquisitions do not enjoy the same deal-making power as a target firm, so an acquirer has to aggressively buy a significant share in the target firm in order to acquire control, forcing an acquisition. The purchasing company would already have its staff, a brand name, and other intangible assets, which can help to assure the firm starts off in the new market with a strong foundation.
It is a sellers market, and retailers may not forgo any costs that they add, but the buyer could always choose to take their business elsewhere. You could have the seller cover a portion of closing costs, and you could cut down on certain expenses, like a home inspection, by shopping around. You can probably save by asking the seller to cover repairs upfront, or by cutting your offer to cover repairs that you would need to do later.
The best move for consumers is to shop around, as paying nearly the same as for used versus new does not make sense. Buying at discount may make sense if you have money on hand and you expect to be staying in your house a long time.
The more you can remove from the plates of marketers and salespeople, the better - and at the same time, you are giving your buyers greater control of their purchases. Not every one of your followers converts to customers, but the more followers you gain, the better your chances are to gain new customers. Customers are the growth sources you already have, and they are the better, more reliable way prospects can find out about your business.
Highlighting the benefits of your product is a more direct way of connecting with your customers and showing them what they stand to gain from choosing your company over the other. List features may help to sell your products to some degree, but it is important that you do not neglect your customers experiences. Your customer experience team will know what parts of your product/service are most challenging to navigate, and why.
Other companies may be able to create products that are just as good as yours, but they will struggle to reproduce the confidence that you feel in your customers.
Sometimes, brands build loyalty with customers because of the beliefs behind the company, not because of the tactics they use in sales. Too many companies assume that after a sale is made and a check is cleared, the focus is now on landing that next new customer. Getting is a good fit for new customers, since even if someone does not win, he or she has probably invested enough into the contest that he or she might feel a stronger desire to buy now.
If you run the splits on each of your marketing channels, you can figure out exactly what it costs to get one customer from one source over the other. Armed with that data, you will know what channels you are using, how much you are spending on each, and what each customer costs to bring in via each channel.
Customer Acquisition Costs are the total sales and marketing costs required to acquire new customers in any given time frame. If a business spent $300K in sales and marketing, and gained 300 new customers over the course of one quarter, its cost of customer acquisition will be $1K. Heres another way of thinking about how you can better allocate your dollars among marketing, sales, and customer support.
When talking to prospective agents, ask them about their experience helping first-time homebuyers in your market, and how they plan to help you find your house. If the client is a first-time buyer or user, he may want assistance understanding how to use your product, want to hear about others using it, or would like recommendations about the best way to use it.