Client acquisition is currently one of the most expensive functions in a consulting firm. Traditional lead generation methods on the ground are still valid, but they are no longer sufficient. You put in a lot of effort to build your referral system, network at community events, and offer to run awareness programmes for potential client groups. However, the one or two percent of potential clients who are interested in working with you will want to conduct preliminary research. As a result, you should generate an online profile, share testimonials, increase your credibility by sharing content online and in the media, and broaden your reach through social media. In the previous years, the cost of attracting new clients increased by 60%. Marketing is becoming more expensive, clients’ trust in brands is eroding, and businesses should simply give up… correct?

Unfortunately, the first two statements are correct, but the third is not. Companies should not give up, but rather become smarter.

If you’re looking for ways to improve your client acquisition, you’re not alone. Lowering client acquisition costs and demonstrating the ROI of marketing efforts are two of the most frequently mentioned marketing priorities among businesses.

This article discusses client acquisition principles, how to reduce the cost of acquiring new clients, and how to leverage existing regular clients. By the end, you’ll be able to construct an acquisition strategy that is so adaptable and flexible that it can withstand the passage of time and ever-changing patterns.

What exactly is Client-Financed Acquisition?

Client acquisition is the process of acquiring new customers or clients for your business. The goal of this procedure is to develop a long-term acquisition strategy that is systematic and adaptable to changing trends and conditions.

Client acquisition is critical for all sizes and ages of businesses. It allows your company to: generate revenue to cover expenses, pay employees, and reinvest in growth; and demonstrate traction to third-party stakeholders such as investors, partners, and influencers.

The capacity to draw as well as redirect fresh clients in a systematic manner keeps businesses healthy and growing, as well as investors satisfied. In the business world, we typically depict the client journey with a funnel or other graphic that highlights the stages of the purchasing process as well as the prospect’s mindset. As clients progress through the funnel on their way to becoming buyers, they: Increase the visibility of your brand. Include your product or service on their list of options. Make the decision to become a paying customer of your company. Lead generation occurs at the top of the funnel, lead acquisition occurs in the middle, and lead conversion occurs at the bottom. Furthermore, the term “client acquisition” usually refers to the entire funnel. For the purposes of this guide, we’ll refer to the top and middle of the marketing funnel lead generation and acquisition as client acquisition.

Over the next ten years, the competition for rewarding client relationships is expected to heat up. As robo advisers continue to focus on mass retail and aspire to gain a foothold in the mass affluent segment, IFAs who take a professional approach to providing niche wealth advisory segments will thrive. The exclusive focus on specific client segments will create competitive barriers to entry, increasing the costs of acquiring new clients even further. Hence, your client acquisition strategy must become more selective today, in line with where you want your company to be in a few years.

Finding the right client to stay with you and help you find more is all about client acquisition. Instead of a one-way funnel, think of your client acquisition and retention strategies as a flywheel: Make a concerted effort to bring in new customers, but don’t forget about them once they’ve joined the team. Give them the tools they need to be successful, and they’ll work for you.