Simply put, customer acquisition refers to the process and channel by which a new customer has been gained. For example, a new customer may have been acquired via a retargeting campaign based on previous browsing history, through a special discount touted in a social media post, or even through personalized email recommendations.
Outside of the examples mentioned above, there are numerous tactics a business can employ to acquire new customers. Though, as the cost of customer acquisition continues to rise, it’s put serious pressure on marketers to better understand the impact of their efforts and channels used, as well as the quality and LTV of their customers.
To keep ROI high, the cost of acquisition low, and to reduce the risk of churn, companies should turn to their data for actionable insights that inform their methodologies and future campaigns.