In today’s hyper competitive online market space, are startups able to engage the target customers by spending millions of dollars on advertising?
The answer is NO!
In today’s fast growing e-commerce space, a well funded startup springs up every few days with the vision to disrupt the market. This leads to a spectrum of companies vying for the same customer with a similar product, hence effective customer acquisition strategy surely becomes the guarantee for success.
“But I am acquiring customers the same way big players have in the past!”
That sentiment is shared by many, but it is fundamentally flawed as you are bringing a knife to a gunfight. In the wild west of e-commerce, the veteran gunslingers cast a bigger net by spending millions on marketing and customer acquisition when you can hardly spare a million.
This leads to them reaching out to a larger base and plucking the potential customers by attractive offers. The smaller players get the crumbs and occasionally strike gold.
This vicious cycle of customer acquisition is disastrous to a startup and ends in a result best described by Mr.Wonderful’s famous words of wisdom
“They crush you like the cockroaches you are”.
Ignored by thousands or engaged by hundreds?
The companies need a physical approach driven by on ground drives to stay competitive. This point is further leveraged as most of the e commerce startup are trying to disrupt or create a new marketplace online, which already exist in the real world.
Hence why not be physically present at the marketplace, to acquire customers and bring them into the digital fray?
The process is as simple as it is elegant, the facilitators explain the potential customers about the service tailored according to their clients needs. The consumer is on boarded onto the platform by an app download and the first sale is facilitated by sharing a coupon.
The raw data hence collected can be converted into leads and will pay its own dividends in the future. This method ensures brand recognition in cities where the companies are looking to venture next or consolidate the market in a location it’s already present.
So where does the smart money lie?
The Testament has been doing customer acquisition and market research for the fastest growing startups in India. Our nationwide presence has been a catalyst for growth and has helped us build successful relationships with companies like Uber, Mobikwik, UrbanClap among others. Your one time investment would give dividends on the long run and be competitive in this winners take all market scenario.
Here’s how you can ask your queries: Talk to me at email@example.com or +91 9899612971. I’d love to help you out!