5 Steps to Lower Customer Acquisition Costs for LMS Market Share

Responsify 574 Views 4 min read Share

Facebook Twitter LinkedIn

The phrase “it takes money to make money” is very relevant when it comes to customer acquisition for Learning Management System companies. You definitely need to make financial investments in areas like branding, promotions, and marketing before you see returns. The financial investment is especially high when you use traditional marketing methods like print, trade shows, and ads. Luckily, you can decrease your customer acquisition expenses for Learning Management System companies using Inbound Marketing strategies. Research by Weidert found that Inbound Marketing will cost you 61% less than traditional marketing. Below are 5 steps to include Inbound into your company to decrease your customer acquisition costs:

1. Identify your key target market

The first step in decreasing customer acquisition costs is to understand who you want to sell to. Doing so will help you target your ideal customers more strategically and keep you from spending too much money and time on those who have no interest. Buyer Personas are imaginary personalities that stand in for these ideal customers who you want to target. For instance, you can have ‘Clinician Calvin’ or ‘Director Daniel’. What are their duties within their company? What are their objectives? What are their obstacles? An extensive understanding of your perfect buyers will help you produce a better strategy for reaching them.

2. Define your marketing objectives

From the very beginning, you have to decide what you want to accomplish with your marketing initiatives. For example, if you decide that your purpose is to find more qualified leads, all of your tasks should be guided in the direction of marketing to a certain target market, also known as their buyer personas. Make sure your objectives are SMART (specific, measurable, attainable, realistic and time-bound). For instance, creating 500 leads every quarter is a much more specific objective than just saying you want to find more leads. It is a good idea to start small and boost your targets as you go.

3. Plan content production

Developing academic content that your ideal buyers can use is the core of Inbound marketing. As soon as you’ve developed particular marketing objectives, you can start building your content strategy. The content you create must be full of useful information to bring in new site visitors and engage existing leads. This will enhance your brand name recognition with both your new and old potential customers. Be sure to not use this content to go on and on about your company. As remarkable as your Learning Management System (LMS) services or product is, you want to first build trust with your target market by giving details to issues they are experiencing, instead of promoting your company. Content can be anything from blogs, social media posts, case studies, ebooks, webinars, videos, and whitepapers. Creating guest posts for other respected Learning Management System (LMS) blog sites is another way to reach a bigger target market. To make it easier for potential customers to find your content by way of online search, make sure to use Search Engine Optimization (SEO). Do some research to find which preferred long-tail keyword phrases are used most often by your ideal customers in online search. Use these keywords in your URLs, headlines, content, meta summaries, and photo alt messages. This will better position your site in internet search and enhance your exposure.

4. Nurture your leads through marketing automation

Your leads will likely not be ready to make a buying choice the first time they connect with you. They will need more time to talk to others, ask questions, and do research of available choices. Effective Email Lead Nurturing will help keep your potential customers engaged until they are ready to make a purchasing decision. One of the best ways to do this is with marketing automation. You could use CRM software applications like Marketo or Hubspot to automate your emails and social media posts to your target market at the right time. Marketing automation allows you to collect emails of your target market as you send them information, at least once a week. This will help your leads keep your brand name in their mind and boost the possibilities of making a sale.

5. Measure your outcomes

You should occasionally review how your Inbound marketing is working for your Learning Management System company. An evaluation will help you identify which strategies are working and which ones are not. There are many tools that could help you check your effectiveness. For example, BuzzSumo will help you identify the number of times your content was shared on social media networks. Google Analytics will help you track metrics like the number of site visitors and bounce rate. Providers like Moz and Hubspot will help you monitor your SEO development. These findings will give you the chance to tweak your Inbound marketing strategies to best fit your Learning Management System company.

The big final thought

As the supervisor of all operations, you may have overlooked the results that traditional marketing methods have on your customer acquisition rates. These marketing techniques not only drain revenue from your firm and will also take power away from your marketing team. Nevertheless, using Inbound Methodology, you can bring in the right people to your company and nurture them until they are ready to become your customers. We’ve worked with many Presidents, CEOs, and Directors to carry out Inbound strategies with their marketing and sales teams. You could ask for a free strategy session to help you find ways to decrease your customer acquisitions costs.