Turning Current Customers into an Acquisition Tool (Essay Sample)

Turning Current Customers into an Acquisition Tool
[Name]
[Institution]
[Date]
Turning Current Customers into an Acquisition Tool
Customer acquisition entails the processes and procedures adopted to locate and secure new customers. Many businesses spend a lot of money to attract new customers to their stores. They adopt different methods in the process of acquiring new customers. Adoption of the various methods depends on the targeted customers. It starts with identification of the targeted group. The next step involves the adoption of the most appropriate method to acquire the customers (Brack s, 2012). This paper discusses how a business can turn current customers into the best acquisition tool.
Instead of launching an advertisement campaign that will cost millions of dollars, a business can decide to incentivize the current customers to bring more customers to the store. According to many economists, people respond to incentives in a positive way. As a result, it will be easy to use current customers as an acquisition tool. One of the ways of using current customers as an acquisition tools is through referrals. Use of referrals is the most efficient way of creating an awareness of both new and existing products in a business. It entails giving current customers discounts or gifts if they refer a new customer to the store.
In addition, a business owner can give affiliate links to customers with an access to the internet. Since these links contain a comprehensive description of the products on sale, customers can easily share the knowledge of the various products with their online friends. The business owner can decide to credit the customers according to the number of users they bring to the store (Blattberg, Kim & Neslin, 2008).
In conclusion, various businesses can avoid spending millions of dollars in advertisement campaigns...