Customer Experience Tools
Explore more insights from Bain's 2020 Customer Experience Tools and Trends survey: Let No Tool Stand Alone.
Customer acquisition models automatically identify the best potential leads and set up the best strategies to convert these people into active customers. Strategies range from automated email marketing to posts on social media, personalized customer reminders and personalized offer design.
Our insights share how the right CX tools make customers’ lives richer and more fulfilling and strengthen a company’s economics by holding down costs and securing new revenue streams.
How companies use customer acquisition models
- Identify unseen prospects by engaging with them earlier in the customer decision-making journey.
- Prioritize customer segments according to size and ability to win and identify the core target.
- Identify propositions (products, brands or styles) that resonate with target customers, using internal sales data, primary research and merchant feedback.
- Increase efficiency of sales and marketing investments, and focus resources on the most qualified leads.
- Identify preferred channels of communication by customer segment, and use it for interactions. Automate targeted ads, content and messaging.
- Know your customer. Identify the ideal customer profile in the marketing funnel, and precisely segment and score potential leads to identify those who are the most likely to convert and those who will have the highest lifetime value.
- Know your business. Understanding your customers and their shopping or service usage behaviors helps to increase the customer base with higher potential leads.
- Define the ambition. Start by defining the primary commercial mission and the right target metrics, and then design your tool to meet these goals.
- Understand customer acquisition cost. When deciding on your acquisition strategy, take into account the cost of bringing in every new customer. Acquisition costs may depend on brand recognition, product offer, channels or customer segments.
- Remember existing customers. Focusing all the efforts on new acquisitions may wind up neglecting current customers. Use retention tactics such as memberships, loyalty programs or exclusive offers.