At Incite Creative, we know a little something about customer acquisition and growth.
We turned 21 this year and considering 66% of businesses only survive their first two years in operation, about 50% make it to the five-year mark, and just 33% will celebrate their 10th anniversary, we’re pretty darn proud to be over the two-decade mark.
The milestone percentages mentioned above are remarkably consistent across most industries — but they also highlight how important it is to plan for growth from day one.
Depending on the kind of company you’re building, your customer acquisition strategy might include aspects like:
- Adding new locations
- Investing in customer acquisition
- Franchising opportunities
- Product line expansions
- Selling products online across multiple platforms
Your particular industry and target market will influence your decisions, but it’s almost universally true that new customer acquisition will play a sizable role.
In today’s climate, acquiring new customers is no small task.
That’s why you need to make sure that the time, energy, and investments you make into your marketing are paying off. For instance, here are a couple of sobering stats:
- Just 8% of salespeople state that the leads generated for them by their marketing teams are of high quality
- Less than 50% of initial prospects turn out to be a good fit
That means you need to make sure you’re really fishing in the right prospect pond, AND you need to be using the right bait.
As the captain of our marketing advisory ship, I’d happy to help steer you in the right direction. If you’d like to chat, shoot me an email: [email protected].
‘Til then, happy fishing!