If your business operates in the competitive eCommerce sphere and you’re unsure of whether or not your business’ current average customer acquisition cost ecommerce is too high, you’ll find the answer to your question below. As you’ll learn how to use industry benchmarks to figure out how competitive your current customer acquisition cost is and you’ll discover what the current average eCommerce customer acquisition cost is. Which will give you a great indication of whether you should be satisfied with your business’ customer acquisition cost or whether you should give some serious thought into adopting new strategies in order to lower your customer acquisition cost to a satisfactory rate per new customer acquired.
How to work out if your current customer acquisition cost is too high:
Take note of the average customer acquisition cost ecommerce:
If your business operates in the ecommerce industry, the best way to find out how your business’ customer acquisition cost compares to that of other businesses in your industry is to search for the average customer acquisition benchmark for ecommerce businesses. Currently, the rough average customer acquisition cost for businesses in the ecommerce realm is around $45.27 per new customer acquired. So if your business has a much lower customer acquisition cost of under $40, it’s not necessary to spend too much time trying to decrease your customer acquisition cost. As your business’ marketing campaigns have proven themselves effective, when it comes to driving new traffic to your business’ website and converting traffic into sales from brand new customers or clients.
What to do if your customer acquisition cost is comparable to other businesses in the competitive ecommerce industry?
If you worked out your customer acquisition cost properly and it’s between $40-$50, there’s no cause for immediate concern but you may want to still assess your chosen marketing strategies and tools to see if there is room for some improvement. As you may be able to lower your customer acquisition cost without too much effort. For example, by simply opting for targeted marketing campaigns over generic marketing campaigns you may be able to double the traffic to your business’ website and to attract a large number of new customers to your business. Many of whom may end up being loyal, long term fans and customers of your business.
What to do if your customer acquisition cost is much higher than other businesses in the ecommerce industry:
If your current customer acquisition cost is double the average cost in the ecommerce industry, it’s well worth assessing the viability of all of your marketing campaigns in the last 12 months to see where your business has gone wrong. As with a few major changes you should be able to start effectively decreasing your customer acquisition cost for the next year.
So what are you waiting for? If you want a clear indication of whether or not your current ecommerce business has a desirable customer acquisition cost or not, it’s well worth comparing your customer acquisition cost with the average benchmark cost for ecommerce businesses.
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