Acquisition is on every brand’s mind, whether for new or existing products, as it can be a key building block used to improve sales penetration. Some industries are more familiar with sourcing prospects through 3rd parties (automotive, B2B, luxury, financial services, etc.).
But how brands find their target audience more precisely, in a timely, cost–efficient and sustainable way, are questions that big data players may be able to address.
We can further break down the acquisition task into two types:
1) acquiring brand new category users, and
2) switching from competitors. There are different emphases for each type of acquisition.
There are different emphases for each type of acquisition. To acquire new category users, it is critical to identify the “who” and “early indicators” that qualify consumers as suspects. The winning factor here is identifying target consumers before your competitors do, so it gives you an early-mover advantage of building a relationship. It works well for high-involvement categories where decision journies tend to be long and consumers need more education and hand-holding before finalizing a purchase.
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