The Changing Principles of Acquiring Customers: The 2024 Guide

People who run their own businesses, know better than anyone how important it is to acquire new customers and keep the existing ones happy and satisfied. This is a decisive topic since going after potential customers requires investment, and sometimes that investment is bigger than the actual benefit a single customer brings with them. If you know the importance of the customer acquisition cost, then you know quite enough about what I am trying to explain. If not, allow me to break it down.

Let’s say, you are a business owner whose company struggles with the number of clients, which means you need to find some ways to reach out to people. In our tech-empowered age, businesses usually invest a lot of cash in social media advertisement, since those platforms allow them to target precise audiences by age, and other important demographics. Now, if you spend $500 on ads and acquire only 5 customers, it means, you spent $100 for each, which is not something businesses would like to do.

To decrease the CAQ, companies think of different creative ways and attractive offers, which are not necessarily ads but benefits that people enjoy and besides becoming a loyal customer, they also suggest the business or the service to their families and friends. In this article, we will cover the principles of customer acquisition in modern times, going beyond ads and banners.

The Example of Promotions Showcased by Online Gaming Platforms

One industry that's absolutely crushed it with attracting new customers lately is online gaming, especially with its creative use of cryptocurrency deals. These gaming platforms are experts at offering tempting Bitcoin casino promotions and bonuses to bring in and keep new players. By capitalizing on the excitement surrounding crypto and the appeal of fast payouts, they've figured out how to talk directly to the tech-savvy audiences who spend most of their time on phones and computers. 

But these Bitcoin promotions are more than just a part of marketing strategy. They show a deep understanding of what modern customers want - ease, speed, and the chance to win big. Integrating smooth Bitcoin payments keeps things fast and happening right away. And fighting the game for a chance to cash out in a big way triggers that feeling of wanting to take action and get rewarded.

While gaming has been innovative here, you're starting to see other industries jump on the crypto promotion bandwagon too. Stores offering Bitcoin discounts, and financial technology apps with crypto rewards - using the latest payment technology has become a smart way to attract new customers.

Freemium or Almost Premium  

These days, one of the hottest ways companies are onboarding new customers is through the "freemium" model, basically, giving away an entry-level version of their product or service for free as a tease of the premium stuff. You've probably experienced this yourself if you use any of the major streaming platforms. They hook you with a generous helping of free content before eventually trying to upsell you to a paid subscription for full access. It's such a smart approach.

Take Peacock for example. When it launched, it was completely free with a big content library. But slowly they started introducing paywalled premium content, knowing millions had already chosen the product as their entertainment option. That free taste built habits and investment from users.

The freemium model is brilliant because it eliminates the risk for customers. They can try out a product or app without any commitment and only convert to paying if they really get value from it. But by then, they're already accustomed to using it as part of their routine.

You see this all over now - free tiers of cloud storage, limited versions of productivity software, and basic membership plans for subscription boxes. In most cases, it's like a trial that never ends until you decide to go premium. For companies, it's an incredibly efficient way to remove those initial friction points of customer acquisition.

Getting into Bundles

In the quest to attract new customers, digital services have found an innovative edge by mastering the bundle. Just look at how Disney packaged up Disney+, Hulu, and ESPN+ into one irresistible entertainment bundle at a discounted rate. It's the perfect multi-service solution for households.

That Disney bundle has been a significant decision, helping Disney+ rapidly grow to become one of the biggest streaming players with over 153 million global subscribers as of early 2024. By combining must-have services like that into one convenient discounted bundle, they've made the choice a no-brainer for many families.

But it's not just about entertainment. Bundling has become a powerful customer acquisition strategy across all kinds of industries. Software companies bundle complementary business tools. Education companies bundle course libraries and training resources. Even consumer brands bundle box subscriptions of related products.

The genius is that bundling allows companies to cross-pollinate audiences and tap into new revenue streams. It provides immense added value to customers at a perceived discount. And it removes that mental hurdle of paying for yet another service on its own.

For companies looking to land new customers in this crowded digital world, the ability to package up multiple offerings into one compelling high-value bundle has become a total game-changer. It's customer acquisition through convenience and value perception. And that's something every business should be tapping into.