As businesses become even more fixated with paying to acquire new customers I read with interest the recent ‘Mary Meeker’ report.
It’s 333 pages long so I’ll leave you to digest it, but it does make for interesting insights.
One of her key findings is based on the assumption that as businesses continue to scrap it out to win our business away from their competitors, it serves to continues to drive up the cost of acquisition.
Customer acquisition is something every business continues to do, it doesn’t matter if your in B2B or B2C, but what varies of course is the type of business you’re in, along with the gestation time and cost it takes to acquire.
So we just keep fuelling the intrusive, fraud ridden ad tech world, along with the cost of those cosy introductory offers to entice people to sign up.
And now you have social media to continue your ‘advertise and promote’ thinking, where folks on social don’t really want your intrusive ads, they just want to be social.
So, why aren’t you being social?
If done right your cost don’t increase with reach, you don’t need a database, you don’t need to pay to get the ‘right’ attention, and your customers become your advocates.
Customer acquisition cost, are the price we pay for not understanding how to use Social Media.