Whereoware CEO Michael Mathias recently spoke with CMSWire about customer acquisition in 2020 and beyond. Mathias discusses purposeful growth and how to strategically attract new business.
“Growth for growth’s sake can lead to unintended consequences, such as acquiring customers who ultimately have undesirable lifetime value or attrition rates, or who just aren’t that profitable,” said Mathias.
Check out the original article, or read our recap below.
Mathias advises drawing in the right kind of customers who will provide lifetime value to your brand. According to Mathias, this should be paramount to creating growth for growths sake.
“Without a solid customer acquisition strategy, growth efforts will be futile. True, you’ll get some customers, but you’ll expend a lot of resources to reap disappointing rewards,” says Mathias.
Customer acquisition best practices to consider:
- Agree on who the best customer is for your goals
- Put strategy at the forefront of any sales initiative
- Update your testing and measurements
- Target the right people
Mathias urges businesses to concentrate on selling experiences, not products. He goes on to mention the importance of optimizing customer acquisition by looking at short- and long-term goals to determine the right customer base.
To read the full article, visit CMSWire here.