Looking at the growth rate of the SaaS industry, you’d think that people are more than willing to spend money on software solutions that promise to make their everyday lives (and professional endeavors) easier. Not quite, though. Despite projections forecasting the total SaaS spend to reach $171.9 billion in 2022, most buyers still prefer free solutions. […]
What is Customer Acquisition?
Customer acquisition is the process of attracting and onboarding new customers or clients for your business. B2B SaaS companies can leverage any combination of deep customer research, inbound and outbound marketing tactics, product experiences, and traditional sales approaches to win new customers.
The customer acquisition process maps directly onto the sales/marketing funnel. These processes are one and the same: the process of generating a new customer.
Customer acquisition can be modeled as a three-step process:
- Awareness – Before you can win over a potential customer, they need to know that you exist. The awareness stage is all about helping your future customers discover your business and getting them interested in the products and services that you provide.
- Consideration – After a potential customer becomes aware of your business, there may come a time where they view your products or services as a solution to a problem they’re experiencing. When this happens, they may start doing more research into your business and the solutions you provide. Your goal in the consideration stage is to help future customers understand the value you provide and what makes you stand out in the market.
- Conversion – In the conversion stage, your potential customer has researched your business, compared you with alternative solutions, and their purchasing intent is high. Your goal in the conversion stage is convincing the prospect to take action and become your customer.
With this process overview as a starting point, B2B SaaS companies have developed and implemented a variety of customer acquisition strategies, using many different channels and tactics to generate brand awareness, support the consideration process, and convert prospects into paying customers.
Customer acquisition can be spearheaded by a company’s sales team, its marketing team, by the product itself, or even by the customers. Marketers also use SaaS marketing metrics to measure and report on the success of customer acquisition efforts.