B2C marketers have more choices than ever when it comes to spending their lead-generation dollars, and that means that it’s really easy to spend your budget haphazardly. But you can spend your customer-acquisition budget wisely and effectively if you follow four simple steps:
Measure to ROI. Most marketers get caught up in the nonessentials of customer acquisition: clicks, impressions, even opens are less important than the money that you are making—or not making—from that prospect. You are investing dollars in your customer-acquisition program, so you need to measure its effectiveness in dollars too.
Move quickly. Amassing lists of prospects won’t help you if you are not prepared to move quickly to convert them into customers. This is what will distance you from the competition. Remember that lost time always equates to lost money in lead generation. Launch, optimize … and do it quickly.
Toss garbage data. No marketer likes to throw anything away, but there are email addresses in your database that will never make a purchase. You are looking for opportunities that will move you forward, not useless data that will hold you back. Nate Silver says that “the signal is the truth. The noise is what distracts us from the truth.” In this case, you can equate the “signal” to your best prospects, while the “noise” is the tracked behavior of the other 90% that you’re holding onto.
Follow up. Studies have shown a 45% improvement in lead-generation ROI for companies that nurture leads. With that in mind, make sure that your followup uses the best segmentation available so that you can zero in on your prospects. Remember that personalized emails deliver six times higher revenue per email than non-personalized emails, so segmenting your followup is just as important than the segmentation you’ll be doing once these prospects become customers.
In addition, automating this process is the fastest and most reliable way to spend acquisition budgets efficiently. The B2C ecosystem of customer acquisition is complex, so make sure that the leads you pay for are the ones that will bring you the best possible ROI. At CertainSource, we automate the system while making sure that the best lead sources are used and poorly performing ones throttled. Isn’t it time you found out how we can help you?