As a business, it costs money to gain clientele. Between paying for staff, advertising efforts, and marketing, these factors all play into the customer acquisition cost metric or CAC.
In the past, business owners and companies would use broad marketing tactics to try and reach as many people as possible, hoping it would result in sales. Now, with the level of data they have access to, advertisers can create highly specific and targeted ads that are more likely to create sales and increase awareness.
We can also track the entire relationship with customers, from those who might be interested in services and products to those who have become loyal patrons. So, what is considered CAC, how do you calculate it, reduce it and improve it? Continue Reading
When customers are the cornerstone of your business, it’s essential to know and measure what they bring to your company. It costs money to bring in new clients, so determining how much their lifetime value is worth to you while comparing it to the cost of customer acquisition, your business knows how long it will be before you recoup those costs.
What is LTV?
The lifetime value of a customer is how much money they will spend with your company from the start of your relationship to the end of it. There is a simple customer lifetime value formula to determine this. Leveraging your average LTV calculation will help you adjust your marketing efforts while maintaining your bottom line. Continue Reading
Entrepreneurs today are operating in the middle of the most competitive business environment in human history. Today, unlike any other time before, it’s possible to build a legitimately global business from a back bedroom on a shoestring budget with little more than a laptop and internet connection. Every market is crowded already and getting even more so on a daily basis. If your marketing and sales funnels aren’t really dialed in – and you aren’t focused on mastering the Four P’s of Marketing – you’re going to have a much tougher time than your competitors. Thankfully, though, mastering the fundamentals of the Four P’s of Marketing is a whole lot easier than most people expect. Especially when you have a detailed guide like this breaking things down for you!
So let’s jump right into the deep end, covering the ins and outs of (almost) everything you need to know about the Four P’s of Marketing and how you can leverage them to take your business success (and your financial future) to the next level. Continue Reading
Digital real estate is becoming more and more valuable these days, with really in demand domain names commanding prices that would have once been thought to be insane. We are not kidding, either. It’s not at all unusual for high-quality, top level domain names to go for six and even seven figures. That’s a decent chunk of change for what essentially boils down to nothing more than a website address. At the same time, figuring out the proper domain value for the domains that you own can be a bit of an uphill battle. Continue Reading
When you decide to go into business for yourself and live life on your terms, it can be easy to get caught up in the little details that make up every day. There’s no rule book to being an entrepreneur, which allows opportunities at every corner to grow. Here are some ways to become a more successful entrepreneur.
It’s time to hustle
Entrepreneurs typically start their journeys with tenacity and an attitude to get the job done. There’s a level of passion that has to exist before launching into business for yourself, not relying on a steady income. You’ll need to put in long and irregular hours, and sometimes there’s plenty of sacrifices, but it’s worth it to those who crave it. You have to have grit and be tough because being an entrepreneur is far from easy. You’ll need to be self-motivated and realistic, pushing yourself when no one else will, because you’re your own boss now. Continue Reading