Importance of Customer Acquisition
For any business, the importance of customer acquisition can never be over-stated. Customers are the life-blood of any company, and acquiring more customers helps companies grow as well as guard against any potential attrition. In some cases, customer acquisition also bleeds over into related activities like re-acquiring customers or growing the transaction size or frequency of purchase of customers.
Challenges with Customer Acquisition
For B2C companies, acquiring consumers is usually done with the help of lists of prospects. Marketing campaigns are developed to reach this list of prospects and a certain percentage of those prospects convert to paying customers. Usually there are at least 2 challenges with this process:
- List Efficacy – is my list of prospects good? Am I marketing to the right set of prospects?
- Message Effectiveness – When I send a marketing message (via any channel) to my prospects, is my message resonating with them?
Management Foresight Solution
Management Foresight has a two-pronged solution to this problem:
- Lift in List Efficacy – through predictive modeling, we can determine which prospects are likely to convert to customers. Marketing resources are then devoted only to a subset of this list which is more likely to convert – thereby providing a lift in the efficacy of a list
- Behavioral Economics – Latest behavioral economics research from academia is used to test and create the most likely messages that would resonate with prospects. This increases the probability of conversion
Management Foresight can implement this complete solution end-to-end, and even execute the marketing campaigns with the help of its partners.