How do Client Acquisition Offers Affect Businesses?Companies / Business Mar 21, 2017 - 11:06 AM GMT
When looking to grow a business there are three key things you need to do. Get more clients, get them to visit you more often and get them to spend more each time they visit you. This principal is true for all businesses that's aim is to turn a profit.
The hardest of these three steps to achieve is arguably ‘getting more clients’. One way that a lot of businesses aim to attract more clients is with acquisition offers.
What are client acquisition offers?
Acquisition offers are promotions or discounts offered to non-customers as an incentive for them to begin using a business’s product or service
(15% off your first haircut at a salon, or £20 free bet when you sign up to a bookmaker’s site are just some of the client acquisition offers that you’ll regularly see.).
Another way to run acquisition offers would be with an ‘offer of the month’. This involves a company giving a discount, or something free away to non-clients, with that particular offer changing month by month.
The reason that ‘offer of the month’ can work so well is that it keeps people interested over a sustained period of time. Although February’s offer may not be of interest to a certain person, they’ll be inclined to check back the following month just to see if the new offer would suit them.
Who should use client acquisition offers?
The answer to the question 'who should use client acquisition offers' is everybody. Well, that is everybody who wants' more clients. And if you don't, then that begs the question as to why you're in business at all.
The exception is when a business has limited resources. Its all well and good bringing on more and more clients, however you need to make sure that you can still provide the same quality of service/product to each client, even as the number grows.
However, if your client acquisition strategy is well thought out and proven then you'll be able to budget for increased capacity; this could mean taking on extra staff or upping stock levels.
Where are client acquisition offers most commonly used?
Client acquisition offers are currently used widely across a range of different industries. Despite this, you'll most regularly see the 'best' client acquisition offers from companies who provide a service rather than a specific product. This is because for a service based business, a customer is most likely a repeat customer; and more often than not a regular customer.
For product based businesses, for example a company that sells large kitchen appliances, there's much less chance of there being repeat custom. People tend to just take advantage of the best offer at the time, meaning that offering too much discount at the point of original purchase may not be profitable.
Service businesses such as bookmakers don't have this problem. They're often happy to lose money on the first transaction with a customer on the premise that that customer will continue to use their service and make them money going forwards.
How do client acquisition offers affect business?
Overall client acquisition offers are fantastic for business; especially when they're utilised correctly. As the name suggests they're a great way of generating more clients, revenue and eventually profit.
They also aid the client themselves. The strong competition that these offers create means it's possible to get some great deals on first time purchases with a number of different companies.
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