Description

In this episode, Joel and Andy talk about understanding the true value of a customer. Without knowing the current lifetime value of your clients, it's impossible to know what you should be spending on marketing to acquire new ones. 

Joel and Andy explain, in detail, how to calculate the true value of your clients and work out the effectiveness of each ad campaign. Thus, ensuring the percentage of your profits you invest in marketing generates a high rate of return.

KEY TAKEAWAYS

• Most owners have no clue what the lifetime value of their customers is, so don´t know how much they can safely spend to acquire new clients.
• Understanding how well your ads convert is essential. How you do this is explained in the episode.
• Advertising is an investment. It can easily take months for a campaign to break even.
• If you want a profitable, scalable business you have to spend a significant percentage of your profit on advertising.
• Relying on word of mouth to bring in new clients means you can´t scale.
• Once you have a customer, invest in keeping them. Joel and Andy explain how.
• If you want a scalable business, you can´t continue to simply hustle your way through.

BEST MOMENTS

‘Businesses don´t grow on hunches.’

‘Embed yourself in their life.’

‘What about the clients you've already got? When do they get sent a voucher or a phone call.’

EPISODE RESOURCES

Retention Point - https://www.amazon.co.uk/Retention-Point-Membership-Subscription-Associations-ebook/dp/B07CZXD289 

VALUABLE RESOURCES

Stay Hungry Podcast Series

Stay Hungry Bestselling Book

Done-for-you marketing: www.codebreak.co.uk
If you're fed up with wasting your time and money on marketing that doesn't generate enquiries and sales - hop on a Codebreak discovery call.

After all, getting lots of 'likes' on your Facebook page ain't gonna make your boat go faster. But up-to-date marketing techniques combined with AI will. A strategy and action plan that attracts buyers rather than tyre-kickers. The Codebreak Crew is here to do all that heavy lifting for you - https://calendly.com/d/4t8-98m-kq7

ABOUT THE HOSTS

Joel Stone

Joel Stone is a marketer and disciple of business strategy. After seeing the impact of the 2008 recessio

Links:

Website: https://www.codebreak.co.uk
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