Acquisition Marketing in a Recession? Here’s How
What can marketing teams do to capture a new audience on an already ultra-competitive playing field when working with limited resources to reach consumers who have tightened their hold on their purse strings? Let’s find out …
Acquisition marketing is a critical component of any successful growth strategy. Acquisition requires a unique blend of creativity, data analysis, and execution – which provides challenges in any economic climate. But during a recession, acquiring new customers can be an even trickier endeavor.
On the one hand, brands facing a challenging economic downturn work with limited resources in a competitive market. On the other hand, this is precisely when their marketing teams need to double down on campaign efforts to capture a greater market share and drive growth – challenging times indeed!
Where We’re At
Consumers are spending less.
The challenge: With disposable income limited, many consumers prioritize essential purchases and reduce spending on items that can wait until more fruitful times.
The opportunity: Coupled with a focus on being efficient, adaptable, and delivering real value to customers by using the mountains of marketing gold aka, data – at their fingertips, savvy marketers can navigate smoothly through even the toughest of economic waters.
Budgets are under the microscope.
The challenge: Many companies are expected to juggle tighter marketing budgets as they look to where to reduce spending during ongoing economic uncertainty.
The opportunity: By leveraging technology and focusing on data-driven strategies to maximize reach and impact, businesses can stretch their marketing dollars further and see accurate growth-driving results.
Acquisition costs are higher.
The challenge: With more businesses vying for consumers’ attention, the cost of acquiring new customers is rising.
The opportunity: By focusing on creating compelling value propositions, building strong brand awareness, and leveraging technology to reach customers, companies can, over time, elevate campaign performance and cut escalating acquisition costs.
Acquiring new customers during a recession – and how Optimove helps
As budgets are pulled in different directions and resourcefulness becomes increasingly essential, consolidating marketing efforts into one multichannel platform gives teams the tools to expand reach, capture new customers, and achieve a higher return on investment from their marketing campaigns. Here’s how:
Acquiring higher-value customers
Create effective, lookalike audiences.
One technique involves identifying potential customers on the social media platform who are similar to your higher LTV customer base based on their characteristics and behaviors.
The Optimove ‘LTV attribute’ allows you to target audiences that mirror your very best customers to elevate your Facebook campaigns’ success. This ensures you’re optimizing campaign reach, reducing ad spend, and minimizing the acquisition cost for new leads. Result!
Understand customer demand.
Optimove’s all-in-one platform gives teams intelligent AI-driven customer insights, enabling them to pinpoint the most common attributes among their highest-value customers. Using this data, they can craft pitch-perfect campaigns that resonate with existing and potential customers, identify new market opportunities, create products and services that meet evolving needs, and more.
Easily capture zero-party data.
Optimove’s in-app and web pop-up messages allow brands to collect customer information quickly and efficiently (e.g., email, phone number) through rich media and fully customized layouts so that, over time, brands can fine-tune acquisition efforts without adding friction to the customer experience.
Engage potential customers who haven’t downloaded your app – or uninstalled it.
Reduce friction: By directing first-time users directly to your app download page and then taking them straight to the relevant screen within your app to accomplish their desired task (e.g., purchasing an item, signing up for a subscription, or setting up a free trial) they get a friction-free user experience, and you boost your acquisition rates.
Enhance a user’s ‘first-time’ experience: The first-time experience with an app significantly impacts a user’s likelihood of returning and engaging with future campaigns. Deferred deep linking helps to create a positive first-time experience by reducing friction and streamlining the app experience.
Boost conversion rates: With friction minimized and a faster, easier, and more streamlined app experience, users are far more likely to convert – fact!
Optimove’s deferred deep linking and mobile web notifications allow you to send visitors to Google Play/ App Store to download the app and identify the sources that drive conversions and capture high-value customers.
Improve your web and mobile conversion rates.
With the vast amount of data users generate, it’s become increasingly important to leverage artificial intelligence (AI) to make sense of it all and provide relevant recommendations.
Using signals such as channel-source-to-website – or app (e.g., search, social) and first pages visited, viewed, and clicked, Optimove’s recommendation engines “learn” a user’s intent from their first interaction to the one they last made. With these deep, intelligent insights, you’ve got the tools to help deliver valuable, in-the-moment personalized content and dynamic recommendations to your unknown customers – and elevate the likelihood of acquisition and conversion.
Reinvent your Funnel Analysis with LTV reports.
By understanding the impact of your campaigns on customer lifetime value, you can make data-driven decisions about which initiatives to invest in – and which to optimize or cut. Optimove’s Funnel Analytics gives teams a clear vision of customer LTV and conversion rates by source, time to conversion, and more. So they can retain and maximize the value of their best customers and optimize their efforts to acquire new ones.
A final word
In today’s data-driven business climate, brands must take a more holistic approach to acquisition marketing, leveraging data to understand their customers and identify growth opportunities – while staying ahead of the curve in marketing technology and trends. With the right blend of creativity, data analysis, and execution, data-driven acquisition marketing can be a powerful tool for driving growth and success – even in the harshest economic climates.
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