Acquisition is all about winning the zero-sum game by targeting your competitors’ customers.
Key questions include the following:
- Which competitors are you acquiring from?
- Why are their customers dissatisfied?
- Why should they consider your offering?
- Which products / services should you push to attract them?
- Which messages should you use to attract prospects?
- Which channels should you use to target them?
- Are you innovative with your on-boarding process?
Who is likely to leave?
It is important to understand where your competitors are failing customers. Remember, satisfied customers also leave, so look deeply at the basics such as value and service but also leverage the power of the customer journey and the overall experience.
Where are they likely to go?
The competitive landscape is forever changing, so it is important to keep up to date with what your competitors are offering. This also helps with the positioning of your brand and how messages can be developed and delivered.
Now ask yourself: How are competitors targeting your customers? Are there any chinks in your armour that a competitor could exploit?