Customer acquisition refers to bringing in new customers - or convincing people to buy your products. It is a process used to bring consumers down the marketing funnel from brand awareness to purchase decision.
The cost of acquiring a new customer is referred to as customer acquisition cost (or CAC for short). Once the customer acquisition process is complete, it then hands itself to customer retention & re-acquisition.
How do you acquire customers?
You can acquire customers through a variety of marketing tactics, digital channels, and strategies (both on or offline). It often involves a mix of cross-channel marketing campaigns, which could include:
Social Media Marketing
Or any mix of marketing initiatives
In order for any customer acquisition strategy to be effective, it must evolve with ever-changing consumer behavior and preferences.