The impact of performance marketing on customer acquisition costs: An evaluation of a fintech startup in Kano, Nigeria.
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Background of the study:
Performance marketing has reshaped customer acquisition strategies, particularly for fintech startups where cost efficiency is paramount. This study evaluates how performance marketing influences customer acquisition costs (CAC) for a fintech startup in Kano. By leveraging digital channels such as social media advertising, PPC campaigns, and affiliate marketing, fintech companies aim to optimize their CAC while reaching highly targeted consumer segments (Mustapha, 2023). The research explores how measurable marketing activities and real-time analytics help in reducing the overall costs associated with attracting new customers. As fintech startups operate in a competitive environment, efficient use of performance marketing can determine long-term sustainability and profitability (Ibrahim, 2024). The study further examines the balance between marketing spend and customer acquisition efficiency, emphasizing the need for data-driven decision-making to reduce CAC while maintaining customer quality and engagement (Olawale, 2023).
Statement of the problem:
Fintech startups in Kano often struggle to balance the need for rapid customer acquisition with the challenge of controlling associated costs. Despite adopting performance marketing strategies, many startups face high CAC due to inefficient campaign targeting and suboptimal ad spend. The lack of precise performance metrics and adaptive strategies hinders their ability to lower CAC while ensuring customer quality. This study aims to identify the factors that contribute to elevated acquisition costs and proposes solutions to optimize marketing spend for better cost efficiency (Suleiman, 2024).
Objectives of the study:
To evaluate the impact of performance marketing on customer acquisition costs.
To identify key factors affecting CAC in fintech startups.
To recommend strategies to optimize performance marketing for cost-efficient customer acquisition.
Research questions:
How does performance marketing affect customer acquisition costs?
What are the main factors driving high CAC in fintech startups?
How can performance marketing strategies be improved to reduce CAC?
Significance of the study
This study is significant because it offers valuable insights into reducing customer acquisition costs through performance marketing. The findings will help fintech startups in Kano optimize their digital marketing strategies and allocate budgets more effectively, contributing to sustainable growth and competitive advantage (Babatunde, 2023).
Scope and limitations of the study:
The study is limited to the performance marketing practices of a fintech startup in Kano. It focuses solely on customer acquisition costs and does not cover other aspects of marketing performance.
Definitions of terms:
Performance Marketing: A marketing strategy focused on measurable actions, such as clicks and conversions (Obi, 2023).
Customer Acquisition Cost (CAC): The total cost of acquiring a new customer (Afolabi, 2024).
Fintech Startup: A newly established company operating in the financial technology sector (Eze, 2023).
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