How can an Audience Orchestration Engine help with customer acquisition?

A sustainable customer acquisition strategy is crucial for long-term business success; to build awareness among the right prospects and turn them into valuable customers. To achieve this, marketers must clearly understand who their customers are and how they would like to be contacted.

Here’s how to build your customer acquisition strategy with the help of an Audience Orchestration Engine to optimize audience targeting.

What a successful acquisition strategy can do for your business

Acquiring new customers is one of the biggest challenges businesses face. An effective strategy needs to do two things: identify and attract new prospects and guide them from prospect to customer.

For most businesses, the goal is to find a repeatable method of attracting and nurturing prospective customers. Defining a replicable acquisition process using data-driven techniques can help improve acquisition strategy, attracting more prospects and converting them faster.

To achieve this at scale, there’s no better tool than an Audience Orchestration Engine.

How to build a customer acquisition strategy

No matter your industry, there will be two critical elements to your acquisition strategy – identifying your most valuable customers and finding more people like them. To do this successfully, you’ll need meaningful, quality data and the right tools to analyze it.

Step one: Know your audience

Organize and cleanse your customer data

At the heart of any data-driven marketing is effective data management. For data to be useful and drive successful decision-making, it must be high quality. That means unifying data into one central location, achieving maximum identity resolution, and removing outdated or duplicate information.

Profile your customers

Once your data is organized, develop profiles to clearly identify your most valuable customers. Try to go beyond traditional demographics and consider shared behaviors, beliefs, and attitudes. Profiling is essential to uncover the differentiating factors between a brand’s customers and the general population. And it proves that your audience is who you think they are.

Identify the most valuable customers

Measure and track profiles demonstrating strong customer lifetime value (CLV). CLV estimates a brand’s potential revenue from a single customer throughout their business relationship. This metric will give companies a clear idea of which segments deliver the highest value – and it’s often not who you think it is. Brands can then build out a custom audience unique to them.

Determine the best channels and messages to reach those customers

Each customer profile and segment will have different digital behavior patterns. Knowing the right time to catch your audience, which platform they want to be reached on, and which message will resonate is crucial to success. Marketers can’t just guess these factors; it involves testing, testing, and then a bit more testing.

How an Audience Orchestration Engine can help you get to know your audience

To genuinely get to know your customers and keep your data clean, you’ll need the right tools for the job. An Audience Orchestration Engine is a customer data platform with the power to identify, compile and verify the most relevant, useful, and meaningful data. It then uses AI-driven technology to develop customer profiles to help define your most valuable customers and prospects.

Choosing an Audience Orchestration Engine such as Allant’s AMP+ means that you can easily slot it into your existing martech stack. Allant’s technology is data-agnostic and quickly ingests and synthesizes data for fast and accurate profiling.

And that’s not all it can do, but for now, on to step two:

Step two: Expand your most valuable audience

Predictive modeling

Having identified customers with the highest CLV, predictive modeling can help brands acquire new customers who look just like that valuable audience. Brands must take a holistic approach to achieve success. Consider each segment’s typical response times, communication preferences, and common engagement channels to build out your engagement strategy alongside rigorous testing.

Customer-Clone Lookalike Modeling

Customer-clone lookalike modeling identifies common characteristics that differentiate your brand’s customers from the general population – and then finds new prospects that match. An effective Audience Orchestration Engine won’t use selection criteria to do this (e.g., must fall within a certain age/income/location range), which are naturally exclusionary. Instead, it will simultaneously examine how closely a person resembles a brand’s ideal customer across all characteristics. Allant’s customer-clone lookalike modeling typically increases acquisition rates by 2-3X over selection criteria.

Response Models

When analyzing the success of outreach to different customer segments, brands shouldn’t consider direct responses alone. All customer segments will typically behave differently; some will be more open to acquisition communications than others. This is where response modeling comes in.

Response modeling predicts each customer segment’s likelihood of responding directly. This sets unique benchmarks, allowing brands to judge success accurately and allocate budgets and resources accordingly. Allant’s response modeling typically increases acquisition by 2-3X over sole customer-clone modeling.

The Round-Up: An Audience Orchestration Engine can make all the difference

It’s time to make your businesses’ customer data work harder. Allant’s Audience Orchestration Engine creates a centralized marketing database to draw actionable insights and develop a sustainable customer acquisition strategy. Allant’s proven data-driven analytic techniques can help you attract more prospects and convert them faster.