Customer Acquisition Research Articles

Impact of Destination Branding Aspects Including Brand Identity, Brand Positioning, and Brand Communication on Customer Acquisition in the Tourism Industry: The Context of Jiangxi China

Impact of Destination Branding Aspects Including Brand Identity, Brand Positioning, and Brand Communication on Customer Acquisition in the Tourism Industry: The Context of Jiangxi China

The Impact of Brand Value Perception on Consumer Adoption Behavior of Distributed Energy Systems (DERs)

Consumer perceptions of brand value significantly influence the adoption of Distributed Energy Systems (DERs), a topic often overlooked due to insufficient information. This study investigates the impact of brand value perception on consumers' intention to adopt DERs using regression equations. It involves a comprehensive analysis considering factors like popularity and quality of service. Data was collected through structured surveys, and results indicated that higher consumer confidence and acceptance of DERs are directly linked to positive brand valuation. The SEM technique helped identify both direct and indirect consequences, revealing a strong relationship between brand value perception and DER adoption behavior, with a path coefficient of 0.65 and a p-value of less than 0.01. This statistically significant relationship underscores the critical role of brand perception in consumer behavior. Additionally, the model accounts for 54% of variations in customer acquisition behaviors, highlighting the importance that DERs place on their brand values. These findings provide valuable insights for enhancing consumer adoption strategies by emphasizing brand strength and trust in renewable energy solutions.

Inbound Marketing as A Strategy for Attracting Customers in The Gastronomic Sector of Piura, Peru

The objective of this research was to analyze the contribution of inbound marketing to customer acquisition in the gastronomic sector of Piura in 2024. The study employed an applied methodology, a mixed approach, a non-experimental cross-sectional design, and a descriptive level of analysis. The study sample consisted of 196 customers of restaurants in the city of Piura. The questionnaire was employed as a data collection instrument, with the objective of obtaining information from restaurant customers. The results demonstrated that 46.4% of respondents indicated that restaurants generate pertinent content for dissemination through their various digital media channels, while 50% asserted that the quality of service received significantly influences their perception of the business. It was concluded that inbound marketing benefits restaurants in terms of customer acquisition. However, it is necessary that they continue to strengthen the strategies they already implement so that greater levels of effectiveness can be achieved in this process.

SMEs as catalysts for economic development: Navigating challenges and seizing opportunities in emerging markets

Small and medium-sized enterprises (SMEs) play a critical role in the economic development of emerging markets, acting as catalysts for innovation, job creation, and poverty reduction. They are often the backbone of these economies, driving growth through their adaptability and entrepreneurial spirit. However, SMEs also face significant challenges that must be navigated to fully capitalize on their potential. One of the primary challenges SMEs encounter in emerging markets is limited access to finance. Traditional banks often view SMEs as high-risk investments due to their smaller size and lack of collateral. This financing gap can stifle their growth and innovation capabilities. To address this, microfinance institutions and digital lending platforms have emerged as crucial alternatives, providing SMEs with much-needed capital. According to the International Finance Corporation (IFC), improving access to finance for SMEs could increase GDP growth rates significantly in emerging economies. Another critical challenge is the lack of infrastructure, which can impede business operations and logistics. In many emerging markets, inadequate transportation networks, unreliable power supply, and limited internet connectivity hinder SME productivity and market reach. Governments and international organizations are increasingly investing in infrastructure development to create a more conducive environment for SMEs. The World Bank, for instance, has various programs aimed at enhancing infrastructure in emerging markets, thereby facilitating better business operations for SMEs. In terms of opportunities, the digital revolution offers vast potential for SMEs. Digital tools and platforms enable SMEs to reach broader markets, streamline operations, and improve customer engagement. E-commerce, in particular, allows SMEs to overcome geographical limitations and tap into global markets. Additionally, leveraging social media for marketing can significantly enhance brand visibility and customer acquisition. Furthermore, emerging markets often present a youthful and growing consumer base, eager for new products and services. SMEs can seize this opportunity by tailoring their offerings to meet local preferences and demands. This consumer-centric approach can lead to increased loyalty and market share. In conclusion, while SMEs in emerging markets face considerable challenges, the opportunities for growth and impact are immense. By improving access to finance, investing in infrastructure, and embracing digital tools, SMEs can drive substantial economic development. Policymakers, financial institutions, and international organizations must continue to support these enterprises to unlock their full potential and foster sustainable economic growth.

TURKISH PARTICIPATION BANKING WITH THE IMPACT OF DIGITAL BANKING: 2020 - 2023 PERIOD ANALYSIS AND EVALUATION

Participation banking is one of the banking types operating in line with Islamic principles. As is known, the banking sector is one of the most technology-intensive sectors today. The healthy and sustainable development and digital transformation of participation banking is gaining momentum in Turkey as in the global financial sector. The prominent factors in digital banking are mobile banking usage, call centre statistics, total number of digital customers, transaction volume and transaction distribution of participation banks. In this study, it is aimed to make a digital analysis and evaluation of Turkish Participation Banking. Thus, capturing future trends in participation banking, ensuring sustainability and strategic planning analyses can be designed much more efficiently. The analyses cover the period 2020-2023. The fact that the analysis period coincides with the beginning of the pandemic is also meaningful in terms of the effects of the digital outlook, which gained momentum after the pandemic, on participation banking. For example, while the number of customers acquired in remote customer acquisition statistics was 23,618 in the last month of 2021, it corresponds to a proportional increase of 148% with 58,594 in the 9th month of 2023. While digital banking active customer usage was 81.36% only in mobile banking in the 2nd period of 2020, it was 88.86% with an increase of 7.5% in the 2nd period of 2023. As a result of this study, it is expected that participation banking will become more widespread in the future and competition with conventional banks will gain a different dimension in the field of digitalisation.

Impact of Digital Marketing on Customer Acquisition in Nigeria

Impact of Digital Marketing on Customer Acquisition in Nigeria

Improving the KYC Onboarding Process Using Business Process Re-Engineering: A Case Study of a Foreign Bank in Indonesia

The Know-Your-Customer (KYC) onboarding component in the customer acquisition process became an issue in an Indonesian branch of a prominent global bank. In 2023, the branch received a significant complaint from one of its major clients, noting the inefficiency of its KYC onboarding process, thus garnering attention from local senior management. From 2019 to 2023, there was a steady increase in client dissatisfaction rate and the number of new clients dropping their requests during the KYC onboarding stage. This research aims to identify the pain points in Magnolia Bank’s KYC onboarding process and propose solutions using the Business Process Re-engineering (BPR) approach. Fifteen respondents, including 10 bank employees and 5 corporate clients, were interviewed. Thematic analysis of interview results was conducted and it revealed three major pain points of the process: difficulty in document submission, challenges in requirements, and communication issues. The root cause of these pain points were then analyzed using the fishbone diagram, from which three root causes were discovered: inadequate technology infrastructure, lack of transparency in the process, and insufficient guidance that clients receive from the bank. The BPR approach was taken to fix the problems, the project focused on improving the guidance to clients, enhancing technology infrastructure, and developing a system for clients to track their onboarding progress. The proposed business solution for this research is for Magnolia Bank to develop a dedicated KYC onboarding platform, allowing prospective clients to submit the requirements directly, experience a one-window communication system, and track their KYC onboarding status.

Mobile platform expansion: How does it affect the incumbent food delivery app and other sales channels?

Food delivery apps (FDAs) are popular sales platforms, and many restaurants rely on multiple FDAs. Adding more FDAs represents a novel type of channel expansion (i.e., platform-to-platform), though no prior studies have examined its performance implications to determine if introducing a new, competing FDA might cannibalize or enhance a restaurant's customer acquisition and sales through the incumbent FDA. Furthermore, introduction timing, local competition, and store characteristics might moderate these effects, with implications for the restaurant's total sales over time. Using associative network theory, together with 557,127 purchase records gathered from 173,537 customers, we apply a panel regression model across 18 store locations of a restaurant chain. The results show that adding a competing FDA has positive synergistic effects on the restaurant's customer acquisition and sales (including sales revenues and order volumes) through the incumbent FDA, especially if it adds the competing FDA long (vs. soon) after the prior FDA and the store is younger (vs. older). Larger stores and those located in competitive areas benefit more from mobile platform expansion. The positive effects of introducing a competing FDA on total sales diminish over time though. These findings can inform both research into and the practice of mobile platform expansions.

Information technology, market congestion, and economic geography

I investigate the impact of economic integration, in terms of trade costs and information technology, on the interregional location patterns of retail firms by introducing three features into a new economic geography model: individuals consume only a restricted number of varieties; firms compete for customer acquisition; and the advancement of information technology enables consumers to easily perceive and buy products sold by firms in distant regions. I consider two possibilities regarding competition for attention: relative competition, in which a firm can attract more consumers by advertising more than the average level, and absolute competition, in which each firm competes with another to enhance the share of its advertisement in the market. I show that consumption variety is richer in the agglomerated region, but spatial consumption inequality shrinks as information technology develops. A reduction in trade costs may cause the redispersion of economic activities under sufficiently low trade costs only in the case of absolute competition. This is more likely when competition for attention is fierce and information technology is not fully developed. The results not only support the complementarity between information technology and cities but also provide a new insight that competition among firms is an important factor governing the impact of information technology on economic geography.

Assessing the effectiveness of OTT services, branded apps, and gamified loyalty giveaways on mobile customer churn in the telecom industry: A machine-learning approach

Telecom operators allocate a significant amount of resources to retain their customers as the organic growth in the number of customers is slowing down. Gamified loyalty programs, branded apps, and over-the-top (OTT) services emerged as ways to develop customer acquisition and retention strategies. Despite these strategies, some mobile customers still churn; therefore, churn prediction plays an essential role in the sustainable future of telecom businesses. Churn prediction is used both to detect customers with a high propensity to churn and to identify the reasons behind their churn behavior. This study examines several features affecting the churn behavior of mobile customers, including branded apps, gamified loyalty programs, and OTT services. In this study, the secondary data is provided by a telecom operator and contains the attributes of both churner and non-churner mobile customers. Logistic regression and random forest classifiers are compared in terms of their predictive power, and we used the latter as the machine learning algorithm in the churn prediction model. To understand the variable importance, mean decrease in impurity and permutation importance are performed. The key findings of this research reveal that while gamified loyalty giveaways and branded app strategies are effective, OTT service strategies show lower importance in predicting mobile customer churn behavior.

From Data to Decisions: Optimizing Supply Chain Management with Machine Learning-Infused Dashboards

This paper examines how business users can leverage machine learning and data analytics through dashboards to optimize their decision making in demand-side supply chain management. We present a case study of an Austrian B2B hygiene product retailer that needed to provide its top management, sales representatives, and marketing managers with more relevant information to improve business intelligence and to enhance customer acquisition and retention. To generate this information, we utilized various data analysis and machine learning methods, including RFM analysis, market basket analysis, TURF analysis, and demand forecasting, using real-life transaction data. To provide business users with easy access to this information, we developed dashboards that integrate these methods providing an interactive and visual tool for data exploration and understanding. We conclude that dashboards can enable, business users to make better informed and effective decisions on the demand side of supply chains leading to improved sales performance and increased customer satisfaction.

Effective Market Segmentation and Targeting Approaches for Distributors of Industrial Supplies in the Cement Sector

This study investigates effective market segmentation and targeting approaches for distributors of industrial supplies in the cement sector. The analysis begins with segmenting the cement industry into distinct categories based on three primary factors: geographical location, company size, and production capacity. By examining these segments, the research aims to identify and understand the specific needs, preferences, and purchasing behaviors of various customer groups within the cement sector. Tailoring marketing strategies to address these unique characteristics is crucial for enhancing customer engagement and satisfaction. The study also emphasizes the importance of evaluating the success of current segmentation and targeting efforts. This evaluation is conducted using key performance indicators (KPIs) such as sales growth, customer acquisition, and retention rates. These KPIs provide measurable insights into the effectiveness of the implemented strategies. Through this comprehensive analysis, the research aims to provide actionable recommendations for distributors, enabling them to refine their marketing approaches. By aligning marketing efforts with the distinct characteristics of different market segments, distributors can achieve improved market penetration, customer loyalty, and overall business performance in the cement sector.

Effective Market Segmentation and Targeting Approaches for Distributors of Industrial Supplies in the Cement Sector

This study investigates effective market segmentation and targeting approaches for distributors of industrial supplies in the cement sector. The analysis begins with segmenting the cement industry into distinct categories based on three primary factors: geographical location, company size, and production capacity. By examining these segments, the research aims to identify and understand the specific needs, preferences, and purchasing behaviors of various customer groups within the cement sector. Tailoring marketing strategies to address these unique characteristics is crucial for enhancing customer engagement and satisfaction. The study also emphasizes the importance of evaluating the success of current segmentation and targeting efforts. This evaluation is conducted using key performance indicators (KPIs) such as sales growth, customer acquisition, and retention rates. These KPIs provide measurable insights into the effectiveness of the implemented strategies. Through this comprehensive analysis, the research aims to provide actionable recommendations for distributors, enabling them to refine their marketing approaches. By aligning marketing efforts with the distinct characteristics of different market segments, distributors can achieve improved market penetration, customer loyalty, and overall business performance in the cement sector.

Assessing the Effectiveness of Digital Media Marketing on Real Ispat Performance

In today's digital age, the efficacy of digital media marketing channels in amplifying brand messaging and influencing consumer perceptions has become increasingly vital. This paper examines the digital marketing strategies employed by Real Ispat and their impact on brand visibility, customer engagement, and business performance. Using a case study approach, the study delves into the specific digital marketing initiatives implemented by Real Ispat across various channels, including social media, website optimization, and online advertising. It analyzes the effectiveness of these strategies in reaching the target audience, enhancing brand awareness, and driving customer acquisition and retention. The paper also evaluates key performance metrics and indicators to assess the overall impact of Real Ispat's digital marketing efforts on its business outcomes. Keywords: Digital marketing, Real Ispat, social media, brand visibility, customer engagement, business performance

Customer Acquisition via Explainable Deep Reinforcement Learning

Effective customer acquisition is crucial for digital platforms, with sequential targeting ensuring that marketing messages are both timely and relevant. The proposed deep recurrent Q-network with attention (DRQN-attention) model enhances this process by optimizing long-term rewards and increasing decision-making transparency. Tested with a data set from a digital bank, the DRQN-attention model has proven to enhance clarity in decision making and outperform traditional methods in boosting long-term rewards. Its attention mechanism acts as a strategic tool for forward planning, pinpointing crucial ad marketing channels that are likely to engage and convert prospects. This capability enables marketers to understand the dynamic targeting strategies of the proposed model that align with customer profiles, dynamic behaviors, and the seasonality of the markets, thereby boosting confidence and effectiveness in their customer acquisition strategies.

Marketing, communication, banking, and Fintech: personalization in Fintech marketing, enhancing customer communication for financial inclusion

This paper explores the intersection of marketing, communication, banking, and fintech, with a focus on personalization in fintech marketing and enhancing customer communication for financial inclusion. Financial technology (fintech) has revolutionized the way financial services are delivered, offering innovative solutions that cater to diverse customer needs. One key aspect of this transformation is the emphasis on personalized marketing strategies, which enable fintech companies to engage with customers on a more individualized level, driving customer satisfaction and loyalty. Personalization in fintech marketing involves tailoring products, services, and communications to meet the specific needs and preferences of customers. This approach not only enhances the customer experience but also increases the likelihood of customer retention and acquisition. Fintech companies leverage customer data and advanced analytics to segment their audience and deliver targeted messages and offers, effectively addressing customer pain points and driving engagement. Moreover, effective customer communication is essential for promoting financial inclusion, particularly among underserved populations. Fintech companies can use various communication channels, such as mobile apps, social media, and chatbots, to reach customers who may have limited access to traditional banking services. By delivering relevant and timely information, fintech companies can empower customers to make informed financial decisions and improve their overall financial well-being. The paper also discusses the role of banking and fintech partnerships in driving financial inclusion. By collaborating with traditional banks, fintech companies can leverage existing infrastructure and customer networks to reach underserved communities. These partnerships enable fintech companies to offer innovative financial products and services to a broader audience, contributing to greater financial inclusion and economic empowerment. In conclusion, personalization in fintech marketing and effective customer communication are key drivers of financial inclusion. By adopting these strategies, fintech companies can better engage with customers, tailor their offerings to meet specific needs, and ultimately, contribute to a more inclusive financial system. Keywords: Fintech Marketing, Customer Communication, Financial Inclusion, Personalization, Banking.

Strategic Marketing Approaches for Startup Expansion: Vision, Mission, and Goals

In today's competitive business landscape, startups face the challenge of establishing themselves and expanding their market presence amidst evolving consumer preferences and technological advancements. To navigate this terrain successfully, startups must develop robust marketing strategies that align with their vision, mission, and goals. A startup's vision serves as its guiding beacon, outlining its aspirations for the future. It encapsulates the company's ultimate purpose and desired impact on the market. When crafting marketing strategies, startups must ensure alignment with this vision, leveraging it to communicate a compelling narrative that resonates with target audiences. Similarly, a startup's mission defines its core values and the means through which it aims to achieve its vision. Marketing strategies should reflect these values, fostering authentic connections with customers and stakeholders. By communicating a clear and consistent message aligned with its mission, a startup can differentiate itself in the market and build trust among its audience. Goals provide the roadmap for a startup's journey towards success. Whether aiming for market expansion, revenue growth, or customer acquisition, marketing strategies must be designed to support these objectives effectively. Startups should employ data-driven approaches to assess market opportunities, identify target segments, and tailor marketing initiatives to maximize impact. In essence, effective marketing strategies for startup expansion require a holistic approach that integrates the company's vision, mission, and goals into every facet of its promotional efforts. By staying true to its foundational principles while remaining agile in response to market dynamics, a startup can position itself for sustainable growth and long-term success. Key Words: Startup, marketing strategies, expansion, vision, mission, goals, market presence, consumer preferences, technological advancements,

Lead Generation Methodologies and Strategies

The research challenge is first articulated, along with the necessity for more investigation into lead generation techniques and methodologies across sectors. The project's focus on the vital role that lead generation plays in fostering corporate sustainability and growth. This study intends to provide insights and solutions applicable to a wide range of sectors by analyzing the complexities and difficulties related to lead generation. The research explores traditional and digital lead generation channels commonly utilized in the automotive sector, including but not limited to, dealership networks, online advertising, social media marketing, content marketing, search engine optimization (SEO), and email campaigns. It evaluates the effectiveness of each method in terms of lead quantity, lead quality, cost-effectiveness, and conversion rates, considering their applicability to Suzuki's marketing goals and budgetary constraints. The present study in automobile sector with lead generation strategy is essential for car businesses to thrive in a competitive market. It helps identify effective ways to attract and convert potential buyers, ensuring sustained sales growth. This research aims to uncover key strategies and insights to improve customer acquisition in the automotive industry. The study incorporates statistical tools like 5-point Likert scale, Anova and Regression techniques are used with necessary recommendations.

Improving Customer Compatibility with Tradeoff Transparency

Through a large-scale field experiment with 393,036 customers considering opening a credit card account with a nationwide retail bank, we investigate how providing transparency into an offering’s tradeoffs affects subsequent rates of customer acquisition and long-run engagement. Although we find tradeoff transparency to have an insignificant effect on acquisition rates, customers who were shown each offering’s tradeoffs selected different products than those who were not. Moreover, prospective customers who experienced transparency and subsequently chose to open an account went on to exhibit higher-quality service relationships over time. Monthly spending was 9.9% higher and cancellation rates were 20.5% lower among those who experienced transparency into each offering’s tradeoffs. Increased product use and retention accrued disproportionately to customers with prior category experience: more-experienced customers who were provided transparency spent 19.2% more on a monthly basis and were 33.7% less likely to defect after nine months. Importantly, we find that these gains in engagement and retention do not come at the expense of customers’ financial well-being: the probability of making late payments was reduced among customers who experienced transparency. We further find that the positive effects of tradeoff transparency on engagement and retention were attenuated in the presence of a promotion that provided financial incentives to choose particular offerings. Taken together, these results suggest that providing transparency into an offering’s tradeoffs may be an effective strategy for informing customer choices, leading to better outcomes for customers and firms alike. This paper was accepted by Vishal Gaur, operations management. Funding: Funding for this research, apart from the costs Commonwealth Bank of Australia internally incurred to support the experiment, was provided by Harvard Business School. R. W. Buell has received compensation from Commonwealth Bank of Australia in the past for executive education teaching. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2024.4985 .

Entrepreneurial leadership in startups and SMEs: Critical lessons from building and sustaining growth

Entrepreneurial leadership plays a pivotal role in the success of startups and small to medium-sized enterprises (SMEs) by guiding them through the turbulent waters of innovation, risk, and growth. This review explores the critical lessons learned from the experiences of entrepreneurial leaders in building and sustaining growth within these dynamic organizations. In today's competitive business landscape, startups and SMEs face unique challenges, including limited resources, intense competition, and rapid market changes. Effective entrepreneurial leadership entails a visionary mindset, a willingness to take calculated risks, and an ability to adapt to evolving circumstances. This review delves into the fundamental elements of entrepreneurial leadership, such as vision setting, innovation, adaptability, team building, and decision-making, which are essential for navigating the complexities of the startup and SME environment. Furthermore, the review examines strategies for building and sustaining growth, including scalability, financial management, marketing, customer acquisition, and strategic partnerships. Through case studies and practical examples, it illustrates how successful entrepreneurial leaders have implemented these strategies to overcome challenges and achieve sustainable growth. Despite their potential for success, startups and SMEs also face numerous challenges, including regulatory hurdles, technological disruptions, and globalization. By understanding these challenges and embracing emerging trends, entrepreneurial leaders can position their organizations for long-term success in an ever-changing business landscape. In conclusion, this review underscores the importance of entrepreneurial leadership in driving innovation and growth in startups and SMEs. By learning from past experiences and embracing the principles of entrepreneurial leadership, aspiring leaders can chart a course towards success in the dynamic world of entrepreneurship. Keywords: Entrepreneurial Leadership, Startups, SMEs, Sustaining Growth.