Why is customer acquisition important?
Retaining existing customers is one of the most reliable ways to boost profitability, but new customers are the lifeblood of any business with serious growth aspirations. Improving the customer acquisition process can seriously enhance a businesses’ performance—just a 1% improvement in customer acquisition translates directly to a 3% increase to a company’s bottomline. One of the best ways to boost the customer acquisition process is via properly targeted marketing investments, which can help avoid misdirected campaigns that lead to either higher customer acquisition costs (CAC) or attract customers with low lifetime value (LTV).
In order to effectively implement a successful customer acquisition strategy, a deep understanding of channels is essential, along with an understanding of the lagging time effect. A lack of insights in those areas can result in a sub-optimal channel mix, limiting the effectiveness of your marketing and leading to a low return on your investment.
Purchase Rate
2.56%
8.96%
Engagement Rate
5.40%
18.96%
The Challenge we see
Brands and retailers struggle to acquire valuable customers within their expected time and cost parameters. This is often attributable to an incorrect channel mix and/or an inappropriate level of investment, leading to low acquisition rates and higher acquisition costs.
The VectorScient Solution
PredictAlly™, our proprietary recommendation engine, is engineered to address channel attribution questions with precision. We analyze each customer’s website visit history and methodically attribute the channel using probabilistic matching with a high degree of confidence.
Instead of the oversimplified approach of first- or last-click attribution that’s often deployed in this space, we apply weightage, allowing for a precision measurement that sets the basis for all recommendations we provide around customer acquisition.
Effective marketing execution for tactical use
Channel reach defined by customer profitability segments
Rolling 30-, 60-, and 90-day marketing investment recommendations
Sequence of investments by Channel
Investment recommendations for each paid digital channel
A strategic compass for gauging the holistic
performance of customer acquisition strategies
Customer Acquisition Dashboard
An exclusive visualization dashboard that provides a relevant and holistic view of business health, measuring customer acquisition strength via key KPIs. These measurements include channel effectiveness KPIs that establish the impact of channel investment on sales, customer lifetime value, and average order values; channel attribution KPIs that measure the relative contribution and influence of each channel.
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Customer Acquisition
The Customer Acquisition score measures conversions from each paid digital channel and compares them to historical benchmark trends, analyzed with various key underlying metrics as building blocks.
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Channel Performance
Channel Performance shows how each channel is contributing to the acquisition of customers, measured both by count and by revenue generated.
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Return on Ad Spend
Return on Ad Spend measures ROI by channel and charts an optimal curve, capturing where more spend does not result in the expected proportion of conversions and sales.
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