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This article was originally published in Brand Innovators.
For most brand marketers focusing on customer acquisition and retention, having enough data isn’t the problem anymore. Don’t believe me? Go sit with your analytics team for an hour. You’ll be blown away by the amount of “knowledge” you already have in-house.
The problem is that you likely have too much data. That leads to “thinking” and “planning” but unfortunately not enough “action” and “execution.” Yes, data analysis can lead to paralysis.
For instance, among other data points it’s necessary to “know” the following about your customer acquisition target demographic: Age, Gender, Income, Occupation Relationship status, college attended, major, employer, job position, mobile phone and historic purchasing and engagement patterns.
But what will you do with this data?
You first have to ask yourself, what do you “need” with your customer acquisition campaign? Forget about what you “want” because you’ll too often end up wasting time and focusing on insignificant details that aren’t going to move the needle. In addition, what does your overall performance marketing campaign program look like from start to finish?
Customer acquisition programs are comprised of attraction, details and plans. For example below are a few examples of what your customer acquisition plan could include.
Attraction includes impressions, clicks, leads, purchases, subscriptions and other online behaviors. What are you focusing on? Is it impression share, leads, purchases? Once you’ve confirmed your attraction plan, then it’s time to think about the details of your ongoing program? Details are about frequency and relevance. How many purchases do you need? At what spend level? How does seasonality play into your forecasts? Finally, what are your plans? Who/what/how/when/why will you stay in touch and develop/monitor customer relationships?
The answer to who your focus should be at the “attract” phase is customers. That doesn’t mean you shouldn’t engage in “likes” or look at other KPI and engagement metrics, but the end goal for performance marketers is revenue. Here at Nanigans, we don’t have a lead generation program, but rather a customer generation program and through that methodology we’ve been able to partner with over 200 leading advertisers.
Thankfully for marketers, the “details” and plans” are the easy (or easier) part to develop, maintain and scale. The real challenge is acquiring the right type of customers from the beginning that will foster positive results throughout the lifecycle of your overall program.