Customer acquisition is all about getting as many high-value, in-market consumers in the door as possible and is arguably one of the most important initiatives for any business. It allows brands to build a client base, enable customer loyalty programs and minimize costs to increase return on investment (ROI). It can also be one of the most difficult initiatives. In order to succeed, brands need to devote resources towards understanding the prospect and providing a personalized and relevant experience.
For the past several weeks, U.S. consumers have faced an onslaught of financial woes: Inflation is on the rise, interest rates are sky high and the stock market continues to decline. This tumultuous economic climate has many fearing the U.S. is facing another recession. And it has caused many CPG brands to reconsider their marketing strategy on the heels of huge pandemic gains.