Five tips for improving your customer acquisition

The e-commerce sector has developed into a central pillar of retail: In Germany alone, sales figures of 122 billion euros are estimated for this year. With an expected annual sales growth rate of 8.13 %, experts anticipate a market volume of around EUR 167 billion in 2027. But what makes a successful e-commerce business? What do you need to pay particular attention to when setting up and developing an online store? In the e-commerce cosmos, a successful strategy for functioning and sustainable customer acquisition is the be-all and end-all. It is important to find a methodical way to win customers for your company in the long term. Here on the fynax blog, we explain how this can be achieved and which five factors you should pay particular attention to.

1. implementation of a sustainable strategy

Beforehand, you should make sure to invest in a sustainable customer acquisition strategy. There are several alternative forms that you can fall back on, but as a rule of thumb, the selected strategy should produce regular content and thus generate sustainable, organic traffic. One example is the creation of a blog that can be regularly fed with content. Advertising campaigns, on the other hand, are usually limited in time and therefore not sustainable, but can still be used as a good booster for a customer retention strategy. A diversified approach or a mix of different customer acquisition options is always a good idea.

2. focus on your target market and your target group

Successful customer acquisition should be focused on the appropriate target group and target market in order to be successful. An indiscriminate marketing strategy that appeals to everyone could end up appealing to no one. It is therefore important to carry out detailed market research in advance to define your target and age groups. In this way, online retailers can better understand the needs and preferences of the respective target group and thus significantly improve the customer acquisition process. "Gen Z", for example, is very video- and social media-savvy, which means that a social media campaign or the regular upload of short videos can be classified as very promising for this target group. Conversely, however, a different strategy may be required for the boomer or millennial target group.

3. planning for flexibility

At best, your customer acquisition strategy plan should be adaptive and flexible in order to respond to changes in customer behavior or any other changes in the customer's behavior. Market trends to be able to react quickly and adapt quickly if necessary. For example, since the Covid pandemic, the war in Ukraine and the increased rate of inflation, we have noticed that customers tend to have a more Cautious purchasing behavior to the day. Your acquisition response should take these fears seriously and find mechanisms to allay customers' fears - for example, by providing excellent and personalized customer service and a long-term guarantee on your products.

4. diversify your approach

A diversified strategic approach leads to greater opportunities for customer acquisition and therefore greater lead generation. Omnichannel functions, diverse and flexible payment methods, as well as special offers for your target group or effective advertising campaigns help you and your store to offer customers a rich spectrum of opportunities for engagement.

5. customer lifetime value

Customer lifetime value is a measurement in market research that analyzes the estimated net profit of your customer(s). In the survey, the net profit of your customers is extrapolated to their approximate lifetime and provides you with valuable insights into the longevity of your e-business. With the help of of complete business solutions these figures can be calculated and show you which customers offer you increased sales. As a rule, customers with a high CLV value, who are more expensive to acquire, represent a more sustainable value factor through recommendations, connections and increased sales.  

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