Here’s another fun area in which you can easily make a side income or stretch your existing budget: customer acquisition opportunities.
Companies will pay a premium to get new customers. You can profit from that in two ways: first, by being the new customer; or second, by referring new customers to a business. Let’s take a look at both of these options.
Method #1: Profiting from being a new customer
This method is pretty straightforward, but effective. Think about what you already spend money on, and then look for a way to become a new customer to get that same service or product much more cheaply. Let’s take a look at some examples.
Cell service: Switch to Sprint (there’s the customer acquisition part) and receive one year of free service on their unlimited plan.
Books: Join Kindle Unlimited by July 31, 2018, and get 3 months of all-you-can-read ebooks for just 99 cents! I recommend that you immediately cancel the recurring subscription so you don’t accidentally end up continuing to pay $9.99 a month for this.
Banking: Becoming a new customer at a bank can make you hundreds of dollars. Chase is especially generous in that regard; you can view their current free offers here.
And so on. Companies trust that inertia will keep newly-acquired customers from jumping ship once their promotional offer expires. As we discussed previously in this post about credit cards, we can use other customers’ sub-optimal behavior as a way to subsidize our own, more optimal behavior. This is another one of those opportunities. Switch companies frequently and take advantage of promotional offers to stretch your budget dramatically.
Method #2: Profiting by referring new customers to businesses
As we’ve discussed, businesses will pay a pretty penny to acquire a new customer. If you can refer a new customer to them, many businesses will pay you a sizable customer acquisition bonus. Here are three great examples of places to do just that.
CJ Affiliate (formerly known as Commission Junction): CJ Affiliate has several thousand different companies, all willing to offer you cash for referring business to them. You can look through all of the options and apply to become an affiliate at any of the businesses that look best to you!
Amazon Affiliate: Amazon’s Affiliate program will pay you a 4-10% commission (depending on the product) to refer customers to their website. You even get paid for any purchases a customer makes once being referred to Amazon from your link.
As an aside, it’s important to note that this is a far better rate of return than Amazon’s famous Amazon Smile program, where just a 0.5% donation is made to charity. So please, don’t use Amazon Smile. Instead, bookmark a referral link of a friend or company you’d like to support (such as this referral link to keep the lights on here at The Data-Driven Life) before purchasing anything on Amazon.
EBates: We’ve been wanting to write about EBates anyway, so here’s a good place to mention it. EBates is a great way to save additional money when you purchase things online. Best of all, they’ve got both kinds of customer acquisition deals we’ve described here. First, you can sign up here to get a free $10 bonus when you spend $25 virtually anywhere online (such as at Amazon). Next, once you’re registered, you can get your own personal referral link by clicking through the “Refer and Earn $25+” link on their page. From there, you can refer an unlimited number of new customers to EBates, and if they purchase something for $25+ from an online retailer, they’ll get $10 and you’ll get $25. You can see that the math is very advantageous on both ends of this customer acquisition offer.
When it comes to customer acquisition, here’s the two-part Data-Driven Mindset to have:
- It pays to be a new customer, so for things you plan to purchase anyway, you should strive to be a new customer as often as possible.
- It pays to refer new customers to businesses, so find businesses others legitimately would want to connect with, and then help them to make that connection through your affiliate link.
In the comments, please let us know of your other favorite customer acquisition opportunities out there!