The Right Acquisition Strategy

The Right Acquisition Strategy

Choosing an Acquisition Channel

A common challenge that many businesses, big or small, have is how to choose and then grow an acquisition channel. It’s a simple answer but a complicated marketplace. 

Example: 

Being told they should be doing Facebook or Google Ads, SEO, conferences and PR. If money is a limited factor, we have to ask “Who do we choose” and “Where do we start and how do we grow?” That’s what we’ll go over now.

First, let’s assume you have a Persona Document. Which tells you the kind of companies you want to sell to, in terms of characteristics of those companies, the people within those companies and the roles that the people you’re looking to sell have.

Example:

If you’re targeting a Head of Marketing, as the key decision maker (were assuming you have that knowledge and you know who your competitors are. Even if their not competitors, you know who the key players are in the space/industry you operate in)

What’s next?

I’d suggest opening up either an Excel or Google spreadsheet and then open up the websites for every social media account and find the profiles of all your competitor companies. 

What you’re looking to do is:

  • Find out if your competitors were active (list it out on the spreadsheet)
  • Then look at all accounts of key people you know will be involved in the buying decisions. (We at Straight Talk are usually looking at B2B instead of B2C, so we’re  looking at Linkedin, at this stage. So we’ll pull up CFO’s, COO’s, Head of Marketing etc)
  • Then, look at them…
  • On business pages like Facebook, Linkedin and Google you can see what ads are running, if any at all. 

Where and how to find the information, once you’ve figured out who they are:

  • What ads are they running on Facebook? 
  • Are they running ads on Linkedin and/or Google and if so..what are the ads?
  • You’ll be able to see what type of ad they’re running. 
  • Are they Lead Gen ads?
  • Are they traffic ads?
  • Where’s their call to action sending people? 
  • Is the CTA sending them to a demo or to download a guide? 
  • Is the CTA sending them to a landing page, if so then what’s on the landing page?
  • You can look at individual profiles and activity and see if their posting content and if so, what kind of content?
  • Are there pictures of them at different conferences that they’re posting on their social media?
  • If so, are they hosting their own conferences/events? 
  • Are they virtual, personal or business events? With all of this information, you can make a list of what channels your competitors or key players are using and what content they are putting out. You’ll be able to make an educated guess on what it means for their targeting.

Example: 

If they’re only offering “Book a Demo” that probably tells you their ads are marketing. It’s unlikely they’ll want people to “Book a Demo” if there is a cold audience.  You might find they’re running traffic ads, which means they’re likely driving traffic to a landing page. Then they can remarket to the ones that don’t convert on the landing page to “Book a Demo” ad. You’ll be able to see what offers and content to use.

There are big differences between each platform. We often see people offering resources and guides on Linkedin and running traffic ads on Facebook.

You can leverage this information into your own strategy and make an analysis on what platform(s) will work best for your first step. 

Example: 

You can look at Facebook and if they’re only running remarketing ads then that won’t be a good place to start with a cold audience.

You’ll see if they are running a lot of lead gen ads on Linkedin, offering guides and resources.

You might see that they post a lot of them attending different conferences. Which means you’ll want to attend conferences as the right channel to go with because you see it’s working for them. 

It’s that simple…

Recap:

If you have a Persona, all you have to do is:

  • Look at the competition and the key people within those companies that you’d be looking to sell to
  • Go to their profiles on different social media platforms and look where they are running ads
  • Are they attending conferences and if so whos attending
  • Look at what key decision makers are doing and leverage all the information to choose your own channel

 

headshot of Dan Wheatley, Straight Talk Consulting founder

By Dan Wheatley, Co-Founder

CEO/Co-Founder of Straight Talk Consulting, a business consultancy that gets our hands dirty. We work with organisations to achieve product market fit before transitioning into scalable and repeatable growth