Customer Acquisition — First Principles for Product Managers

How to execute your Customer Acquisition plan

A Lead magnet pulling customers towards it
A Lead magnet pulling customers towards it
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Customer Acquisition Plan- The Basics

A good customer acquisition strategy or plan should provide answers to the following questions:

Customer Acquisition Plan — The Execution

Now for executing any and all Customer Acquisition Plans, you’ll need a Lead Management System.

A Lead Management System is a state machine, that facilitates, captures & measures Lead Generation, Lead Nurturing, and Conversions. It facilitates and also measures how successful your Customer Acquisition Strategy is.

The immensely popular Salesforce CRM is a good example of such a system. A Lead Management System like Salesforce (and plenty others) enables you to build a Lead Funnel (or a Customer Acquisition Funnel).

Customer Acquisition — Who plans? Who Executes?

The Customer Acquisition Strategy is one of those things that cannot be nailed without great collaboration from Product, Marketing & Sales. Here’s what each function brings to the strategy drawing board.

  • Marketing articulates how to find these personas, market to them & get them interested
  • Sales articulates given ‘interested’ personas, how to actually CLOSE the sale

The Cornerstone of Customer Acquisition- AIDA Model

As we talked about earlier, a Customer Acquisition or Lead funnel is basically a state machine with different states and stages. Here’s what the funnel conceptually looks like.

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  • MOFU = Middle of the Funnel → The Interest and Desire Stage.
  • BOFU = Bottom of the Funnel → The “I am sold on this, I’ll pay” Stage.
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