For most companies, the bottom line of any business is to make money, and marketing is an essential channel to reach that end goal.
In my experience…
Sometimes, traditional and typical best practices worked best; other times, a riskier and more unconventional approach was required to bring home the results.
Today, I will be giving a brand new update on one of my already-published articles about ‘acquisition, conversion, retention.’
Below, I break down what they are.
Acquisition strategies are broad action plans. Acquisition happens when a firm attracts attention to its products but the customer is not yet committed. For example, when Apple Music allows people to stream music free for the first three months, that’s their way of acquiring users.
Conversion strategies are narrower in scope. Conversion happens when a company gets potential customers to become regular clients. For example, H&M often gives out coupons to users as an acquisition strategy. It’s generally known that a conversion is only confirmed after a client makes three purchases. In the Apple example above, conversion takes place when a free user becomes a paying subscriber.
Acquisition and conversion tactics vary from business to business, and new methods are arising every day. For example, content marketing guru Neil Patel recently pointed out that chatbots will be replacing landing page conversion forms in the near future, even while acknowledging the link between branding and long-term marketing.
There is no single path to success for your profit/non-profit organizations because your strategies are based on the metrics you chose to concentrate on.
Retention refers to a company’s ability to keep converted clients hooked. Adding more value to products and services is one way to ensure customers keep returning on a regular basis. Sears, for instance, uses the “Shop Your Way” rewards program to promote customer loyalty. Shoppers earn points on purchases and they can later redeem them. Therefore, they have to keep coming back in order to build up enough points.
Acquisition, conversion, and retention are all useful to grow a customer base and boost profitability. Establishing market presence and a strong brand also rely on how well you execute these actions.
I personally categorize branding as being strategic and marketing as being tactical. A strategy is tied to vision, purpose, and goals while tactics focus on tasks, concrete steps, and specific procedures.
Please bookmark this article if you found it interesting. If you want to keep reading to learn more about branding and marketing, here is another post I wrote: Understanding the concept of branding.
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‘Mylène’s Blog’ gives you an answer to something you’ve been curious about. ⑇ Are you a songwriter or have friends who are? I co-founded Tunedly, an online recording studio. ⑇ The Homepage of my website is the best place to learn about me. LinkedIn Twitter Facebook ⑇