Customer Acquisition – Meaning and its Process
April 3, 2025
Customer acquisition is the process of acquiring new customers for business or converting existing prospect into new customers. The importance of customer acquisition varies according to the specific business situation of an organization. This process is specifically concerned with issues like acquiring customers at less cost, acquiring as many customers as possible, acquiring customers who…
Imagine walking in aisle of a typical super market (Shaw’s, Costco etc) to purchase salt, there are many offerings but choice is “Morton”. It is a simple example but a great situation to understand brand and brand equity. Companies already know that identity of product created over period of time through strategic marketing is brand,…
If in an organization, many customers diverge their way to other organizations and customer acquisition program shows less aggressiveness then the organization faces terrible cash flow problems. This is the time when tracking the number of customers in each stage of customer life cycle becomes essential. This helps the organization to determine the purchasing power…
For improving customer satisfaction it is essential for the supplier to measure it. It is purely believed that if anything is not measurable then it is not authentic.
Customers are the most important asset for any organization as they are only responsible to drives the business.
Measuring customer satisfaction helps in identifying specific customer information which is needed to run business smoothly. Following are the information and details that could be generated after measuring customers’ satisfaction:
A customer is usually dissatisfied when his/her expectations are not met or the commitments from supplier are not fulfilled reasonably and within the given time span. This becomes a serious issue for the customers as the delay will obvious affect their image too. The customer usually shares these problems and issues with other customers which hiders the business of the supplier.
Some of these unsatisfied customers launch complaints but most of the other customers simply defect to other suppliers without even informing which creates a big void in the business processes of supplier because they did not get chance to analyze the reasons of customer defection.
Loss of customers is directly proportionate to loss of business and profitability. If an organization is able to measure business related aspects of customer satisfaction then they become capable to bridge the gaps between them and customers to enhance more customer satisfaction among their peer customers.
The best way to improve customer satisfaction is to first measure it and then apply methods to enhance it. It helps the supplier to always keep a check on allover business processes by identifying strong and weak aspects and creating strong bond with all their customers to enhance business.
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