New customers are the lifeblood of any retail business. With that in mind, retailers are investing significant time and resources into their customer acquisition efforts. Whether it be search marketing (paid or organic), social media, email, display advertising, content marketing, text messaging, affiliate marketing, catalogs or a host of other acquisition channels, finding what works best for your brand is critical to future success.

In the quest to find what works best for your brand, there are going to be hits and misses. The key is to continue testing. Here are some other considerations to take into account as you build out your customer acquisition strategy:

  • Get a clear understanding of your current customers. The best way to identify and target potential customers is to learn about the ones you already have. This can include demographical and behavioral data, as well as insights into their path to purchase — when they buy, what they buy, and why they buy. This data will enable you to target like-minded consumers who are likely to purchase from your brand.
  • Measure the effectiveness of your acquisition programs. You can’t know which channels are working and which ones aren’t if you’re not measuring them. Key metrics to track include average customer lifetime value, customer acquisition cost, total net number of new customers, ROI of marketing channel, and total revenue and first-year profitability of new customers. This data will enable you to optimize your customer acquisition efforts, increasing spend on what’s working and cutting what’s not.
  • Engage consumers at every touchpoint they have with you. Don’t miss any opportunities to interact and engage with potential new customers, whether it be a visit to your website, a follow of your social media page, a sign-up for your email program, a visit to one of your brick-and-mortar stores, etc. Ask them about their needs and preferences, listen to what they tell you, and then deliver on them.

These are just a few tips on how to optimize your customer acquisition efforts. For more insights on this topic, a panel of retail experts — Amy Madonia, director, digital marketing acquisition, New York & Co.; Christian Rivell, director, online marketing, QVC; and Jessica Wells, vice president, social marketing, Chico’s — will offer their pearls of wisdom at the upcoming Women in Retail Leadership Summit, taking place April 22-23 in Miami. Register today!