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Why Great Companies Fail to Acquire Customers: 3 MYTH that are holding YOU back

3 Customer Acquisition Myths That May Be Holding You Back

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A lot of factors contribute to the success of a company: innovative idea, amazing product/market fit, great customer experience to name a few. Likewise, a number of factors can cause a company to fail. However, in all cases of failure, there is one common factor. It all boils down to failure to acquire customers at manageable costs. A profitable customer acquisition model assumes that the cost of acquiring customers is significantly lower than the lifetime value of the customers. We distill the problem to 3 main customer acquisition myths and show you simple ways you can accelerate customer growth

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  • 1.Why Great Companies Fail to Acquire Customers: 3 MYTH that are holding YOU back

2. Why great businesses fail? http://www.forentrepreneurs.com/startup-killer/ 3. SO YOU HAVE AN AMAZING PRODUCT (OR SERVICE) BUT YOUR CUSTOMERS ARE NOT RUSHING TO YOU! WHAT IS GOING ON? 4. LETS START WITH THREE CRITICAL QUESTIONS 5. Question #1: Is Your Value Prop Clear? 6. Unique Value Proposition: A single, clear compelling message that states why you are different and worth buying. - Steve Blank The Four Steps to the Epiphany 7. Question #2: Are you tapping into the Free Channels effectively? 8. By Socialnomics 9. Question # 3: Are you leaving leads on the table? 10. 3 MYTHS THAT ARE HOLDING YOU BACK 11. Myth # 1: Channel Strategy is too complex 12. Tip # 1: IDENTIFY AND MAXIMIZE FREE CHANNELS As a minimum use Twitter, LinkedIn and Video: B2B Companies report up at 53% of their sales on Twitter Adding Video to the website increases conversion by 46% Create YouTube Video in 5 minutes Pay $5-30 on Fiverr 13. Example: Create Simple Videos with Fiverr 14. Tip # 2: GO AFTER LOW HANGING FRUIT Email and Google remarketing campaigns (Google Remarketing, AdRoll) Recent Case Study: - $350 on Google Search/AdWords = 2 purchases - $46 on Google Remarketing = 17 purchases 15. Tip # 3: SEND EMAIL BASED ON WHAT CUSTOMERS DO https://www.getvero.com/welcome 16. Myth # 2: Only Big Companies Can Afford Content Strategy 17. http://leanstack.com/LeanCanvas.pdf Tip # 1: BRAINSTORM 3-5 CUSTOMER PROBLEMS. ADDRESSES THEM CONSISTENTLY 18. Tip # 2: IF YOU HAVE A BLOG, HAVE A STRATEGY Have a purpose focus on main customer problems Do keyword research, use keywords in your blogs Create unique, visually compelling, engaging content 19. Tip # 3: CREATE COMPELLING OFFERS Develop Lead Magnets or Honey Pots Create dedicated Landing Pages Unbounce is a great service for landing page templates 20. Lead Magnet Example http://www.tredigital.com/twitterab c 21. Tip # 4: USE TESTIMONIALS AND CASE STUDIES Social Proof is more important than the price 25% will buy after listening to a video testimony Product Review increases likelihood of buying by 63% 22. Tip # 5: BE STRATEGIC ABOUT WHAT AND WHERE Prominence of a certain element on a page has a direct impact on whether it is deemed credible http://credibility.stanford.edu/pdf/PITheory. pdf 23. Myth # 3 User Engagement is Declining 24. Tip # 1 TAKE THE FIRST STEP IN ENGAGING YOUR AUDIENCE Connect with Media, bloggers, thought leaders, partners, customers; Foster relationship (pay it forward) via The Drip Campaign Convert Leads into Customers with occasional Call to Action Use 5 x 5 x 15 Twitter rule daily: 15 minutes to read and/or connect with 5 new people and send 5 original comments/retweets 25. Tip # 2: BALANCE PROMOTION WITH ADDING VALUE From Rallyverse.com 26. Tip # 3: IF YOU SHARE YOUR MESSAGE MAKE IT SOCIAL VS. 27. 3 Strategies = Single Focus Customer Growth Channel Strategy Content Strategy Engagement Strategy 28. QUESTIONS??? COMMENTS??? Let us know at www.tredigital.com