Reducing cost per acquisition

INTRODUCTION:

Welcome to our 5th instalment in our lead generation series. Today we’ll be focusing reducing your cost per acquisition within your current lead generation platforms. 

Here at Synx we’re a big fan of cost reductions as it means we’re able to greatly reduce the ROI in a short space of time without spending more of the budget on traffic. Today we’ll look at some simple but effective methods to reduce your CPA. 

• Where are you currently advertising
• Do you know where your customers are shopping, socialising
• Time is money what is costing you time along the sales cycle 

Step 1: Where are you currently advertising? 

Analysing your current advertising methods will allow you to focus on the platforms which are generating the highest quality leads at the lowest cost per acquisition. 

In an ideal world all of our leads will be ‘actionable’ leads; as marketers this is a scenario that we can only dream of, which is why it’s important you only focus your efforts on the advertising mediums which are producing the best results for you such as email marketing, content marketing, PPC, Organic marketing, list building and so on… Identifying your most cost effective leads sources will greatly help you reduce your overhead costs.

Step 2: Do you know where your customers are shopping, socialising? 

We keep harping on about it, just in case you missed it, data should be your primary focus for lead generation. You should know your prospective leads inside out, their buying habits, social media habits, spending habits etc.  Knowledge is power; the more you have at hand, the more informed decisions you can start to make. If you haven’t already you should be profiling your current data set on some of the above mentioned metrics as well as further metrics that may be useful in the buying process for your industry. 

Step 3: Time is money what is costing you time along the sales cycle? 

Every aspect of your sales funnel should be analysed and refined. What is costing you and your potential leads the precious commodity of time? Is the initial sign up form too long? Do you have load time issues with your landing pages? Can the sales script be condensed? These are all aspects of the sales cycle that should be investigated.

There are multiple sales platforms available online which can help you greatly reduce the time spent in the sales funnel as well as indentify stronger leads. Marketing automation platform users have a 53% higher conversion rate from marketing response to marketing-qualified lead than non-users additionally companies that excel at lead nurturing generate 50% more sales-ready leads at 33% lower cost.

We hope you have enjoyed part 5 in our series of lead marketing. As always, should you have any questions at all, and then please don’t hesitate to get in touch with one of the Synx team who will be more than happy to help.

Step 4: Organic Search

In digital marketing terms there are two main drivers of traffic from search engines. PPC (Pay per click) and organic traffic, through the use of PPC you are able to use a set budget to receive set amount of traffic. The downside to PPC is that it’s no scalable with a fixed budget, which will not help affect reducing cost per acquisition. 

On the other hand, a well planned SEO (Search engine optimisation) strategy can bring in large amounts of organic traffic which is laser targeted, ranking for key sales keywords can make a huge difference in acquiring leads. If you haven’t already; we would advise speak to a marketing agency who can implement a well executed digital marketing plan for your business. If you're really interested in some more tips on how to generate more leads into your sales pipeline download your copy of 30 greatest SAAS Lead Generation tips tricks and ideas.

Work out your marketing spend using our 2018–2019 Marketing Budget Template. Download for Free