According to HubSpot’s latest ‘State of Inbound 2016 ’ report, reducing customer acquisition is cited as the one of the marketing team's top priorities. Acquisition can often be an expensive process with activities like trade fairs, advertising and list purchase. But, when you’re a tech company, there are some great marketing initiatives and steps you can take which will cost efficiently create leads and reduce your customer acquisition cost.
1. Focus on core buyer profiles
It is easy to create a scatter gun approach and go after a variety of buyers in a range of vertical segments. But focus is vital – narrow down your vertical segments to two or three sectors and create buyer personas for your key target audiences. Then look at your key messaging on websites and emails – is this aligned to your target buyers. If not update it. Check out networking events or Linked In Groups and get your sales team to join them. Educate your entire sales & marketing team on your refined focus so you haven't wasted time & efforts in areas likely not to convert.
2. Invest in a marketing automation platform
Marketing automation platforms, such as Hubspot, Marketo and Eloqua are now easily affordable for all businesses and they can really achieve economies of scale. Automation platforms like Hubspot are all-in-one marketing tools that let you blog, email, do SEO, segment contact data plus track leads on website. They also provide powerful reporting dashboards where all stakeholders can review status. According to Lenskold and Pedowitz 63% of companies that are outgrowing their competitors use marketing automation.
3. Go inbound not outbound with a content marketing strategy
Embrace the new digital era where 67% of buyer journey is complete before contact sales. Map out a content matrix and get great content created so you have right content throughout your buyer journey. Let the content guide the lead through their decision making process.
4. Make email a long term strategy not a short term tactic
It is important to use email as a way of nurturing your contacts rather than a way of reaching as many contacts as quickly as possible. Therefore you need to plan your email campaigns over months rather than days. Your marketing automation tool will help you monitor and respond to your contact's engagement with you. Start by offering cold contacts information that will benefit them like industry news and market trends and maybe a webinar then start to introduce product related offers when you have engagement and traction with them.
5) Work with key partners
If you have a sensible marketing plan with a clear ROI, share it with your partners and ask them to invest in it. This will definitely reduce your cost of acquisition.
To conclude, by undertaking these actions, you should see your cost per acquisition reduce and your lead conversions increase. If you want to find out any other lead generating hints and tips - download our ultimate guide to inbound sales.
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