#224 The ultimate customer acquisition strategies - a podcast by Manuj Aggarwal

Show notes-

(0.26) How companies like Alibaba and Amazon acquire popularity- 

Companies like Amazon, Alibaba have achieved massive scale. How did they acquire all those customers? How do they keep growing their customer base, and how do they get the customer to buy from them again, and again? Here’s how they do it- 

(1.20) Point 1- They shorten the consumer shopping time. 

These companies have realized that you'll be more likely to buy a product when it's convenient. So they use technologies like artificial intelligence, data mining, and machine learning to help them predict the products you'll like. They then make it very convenient for you to look at the product, select the product, and checkout.

(2.39) Point 2- They offer low price products along with convenience.

Companies like Amazon and Alibaba realize consumers are often driven by price. Price is one of the most important factors when it comes to consumer behavior. They realized that consumers are very price-conscious. So, they source from many different sources and present the best prices. 

(3:38) Point 3- They make accurate product recommendations. 

When recommending a product, Amazon and Alibaba take into account all aspects of a customer's profile to maximize the chance the customer will actually buy. Amazon and Alibaba use AI to make accurate product recommendations. They feed data into algorithms, and the algorithms return recommended products based on your profile, preferences, browsing history. 

(5.40) Point 4- They can accurately predict the logistics and delivery dates.

Alibaba and Amazon have been using technology to integrate their own systems with third-party shippers like postal services. They have also started using their own shipping service. Amazon is investing in drone technology, which could be used to deliver products to our doorsteps.

(7.39) Point 5- They influence the consumers to connect with their brand. 

Amazon and Alibaba know the importance of brand recognition. Amazon and Alibaba understand human psychology, consumer behavior, and they use their knowledge to influence consumers. Amazon and Alibaba use product variety and other consumer-friendly strategies to make people more connected to their brands.

(9:14) Why you should include AI in your planning and execution- 

If you haven't looked into AI and other technologies to grow your customer base, you need to consider making changes today. I encourage you to include AI in your planning for your marketing strategy, business strategy, for operations when optimizing sales and optimizing pricing which can be optimized using the power of AI.

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