100% Honest, WiFiMoneyGuy Approach To Customer Acquisition
Hi, friends! I'm so excited to be collaborating with @WiFiMoneyGuy on this article about eCommerce customer acquisition.
I'm sure you've heard of him--he's an expert on influencer marketing and writing offers that sell.
WiFiMoneyGuy is one of the most successful entrepreneurs out there, and he's been kind enough to share his system with us today.
We ran a poll, and the results showed you wanted to learn more about customer acquisition.
If you don't acquire customers for your eCommerce site, you're going to have a hard time growing. And if you don't grow, you're going to be out of business.
It's as simple as that.
Without further ado, let's dive right into how you can apply his approach to help your customer acquisition numbers skyrocket! 🔽
Yo, it’s your boy @WiFiMoneyGuy here.
First I want to thank @BowtiedParrotFish for giving me the opportunity to be here.
She’s a severely underfollowed account, in my opinion, who provides a lot of alpha when it comes to online businesses.
And also puts my caloric deficit at risk when she tweets about food…
Anyhoo, I was brought over to talk about something very specific here… customer acquisition. So let me deliver that for you.
There are many ways that you could go about when it comes to acquiring a customer.
But before we talk about the different methods I personally use to bring new customers to my online businesses.
I want to dig a little deeper into the term itself.
“Customer acquisition”
Also known as the act of converting someone random into a consumer of your products. Most people who want to start an online business fail to take customer acquisition into account. As there is a cost to everything…
Even getting someone to buy from you.
Yes, even if the person is giving YOU money, you’re spending money to get him to buy.
The goal, however, is to get the cost of acquiring the purchase to be a lot less than the average order value, or the amount purchased.
Let me give you an example…
In fact, I will use an offline business for this scenario.
I like coffee shops, A LOT, so let’s pretend we just opened up a brand new coffee shop in a busy street.
Some customers will cost us nothing to get because we are in a busy street and they can just walk in.
Great, easy peasy.
We are in business!
Now, there’s a couple of things that could go wrong…
Maybe the sign outside of our coffee shop isn’t that great and some people can’t tell we are a coffee shop, so they just ignore us.
To solve this problem, let’s pretend we hire someone to stand outside with a big ol’ sign. This person will cost us about $200 per day, just to stand up outside with a big sign. And we immediately start seeing results…
We start getting 100 new customers per day.
At an average revenue per customer of $13 (making this number up), we are making $1300/day from this strategy.
We paid $200 to our sign guy and made a total of $1300.
And now we have a money making machine.
It costs us $2 to acquire a new customer that pays us on average $13.
Now, most brick and mortar businesses do not look at marketing this way.
But if you’re an online business this becomes extremely important because if you know you can turn $2 into $13…
Then you’re going to put your entire life savings into this money making machine, while it lasts. So, how do we acquire a customer online?
There are many ways, but my favorite are social media ads and influencers. Think of ads as positioning yourself into a busy street like the coffee shop. And the influencer is like our sign guy.
Customer Acquisition Method #1
My favorite way to test a new offer if I am going to use paid ads will have to be Facebook/Instagram.
Both FB and IG are managed from the same Ad’s Manager, there’s very little difference between operating and analyzing the data.
Meta Ads follows the same basic structure that most ad platforms have.
You have the Campaign Level, then the Adsets Level, and finally the Ads level.
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