Podcast Summary
Tracking marketing measurables like acquisition costs: Monitoring acquisition costs for leads and clients helps businesses optimize marketing efforts and scale investments in profitable channels
Understanding and tracking specific marketing measurables, such as acquisition costs for leads and clients, is crucial for growing and scaling a business. These costs help determine the maximum amount a business can afford to spend on acquiring a customer, ensuring a profitable and low-risk marketing strategy. Acquisition costs can be calculated for various marketing channels, and by monitoring these costs, businesses can optimize their marketing efforts and increase their spend accordingly. This approach allows for scalability and flexibility in marketing investments, whether it's through targeted online platforms or traditional media.
Determining Per Head Revenue, Lead Acquisition Cost, and Maximum Acquisition Cost: Understanding per head revenue, lead acquisition cost, and maximum acquisition cost aids in making informed marketing decisions and optimizing marketing efforts for better results.
Understanding your lead acquisition cost (LAC) and maximum acquisition cost (MAC) is crucial for effective marketing, but it's not the only metric to consider. Per head revenue (PHR) is another important factor that can help determine how much you can afford to spend to acquire a customer. For example, if your business has a £1,000 daily spend and 100 people come in, the PHR would be £10. Knowing your PHR, LAC, and MAC can help create a predictable, scalable, and repeatable system for your business. Additionally, when planning events, calculating the per head revenue can help determine the maximum acquisition cost for attendees, also known as the "bum on seat cost." By understanding these metrics, businesses can make informed decisions about marketing spend and optimize their marketing efforts for better results.
Understanding Lifetime Client Value: Calculate LCV to determine marketing budget, invest more for future growth, and optimize marketing efforts
Understanding the lifetime client value (LCV) can significantly impact a business's marketing strategy and profitability. The LCV goes beyond the initial purchase and includes all future transactions, maintenance, upgrades, and other related expenses. By calculating the LCV, businesses can determine how much they can afford to spend on customer acquisition while still ensuring a profit. For instance, a business could pay the entire net profit margin to acquire a customer, but if that customer returns multiple times, the net profit from their future purchases can cover the initial investment. This concept is particularly valuable for businesses with historical data, as it allows them to invest more in marketing and acquire more clients for their future growth. Additionally, businesses can track the LCV for different marketing media, such as word-of-mouth, social media, and email subscriptions, to optimize their marketing efforts and maximize their return on investment.
Leverage both business pages and personal profiles on Facebook and Instagram for lead acquisition and higher client values: Smaller businesses should have both a business page and a personal profile on Facebook and Instagram, aim for 1-3 posts per day on each, and utilize groups and pay-per-click advertising for maximum reach and engagement.
Social media platforms like Facebook and Instagram have become essential tools for businesses to acquire leads at lower costs and build higher lifetime client values. While pages are important for brand visibility and reach, personal profiles offer more engagement due to their personal nature. Businesses should have both a business page and a personal profile, and aim to make between 1-3 posts per day on each platform. Leverageable media on Facebook also include creating groups and utilizing pay-per-click advertising. Remember, while branding is important, focusing on acquiring subscribers and buyers is crucial for smaller businesses.
Expand online presence on Facebook with personal profiles, business pages, and Facebook groups: Use personal profiles for followers, business pages for promotion, and Facebook groups for engagement
Using both a personal profile and a business page, as well as Facebook groups, can help expand your online presence and reach a larger audience on Facebook. First, setting up the "follow" function on your personal profile allows people to follow your posts without being friends. This can help build a fan base for your business. However, if you have content that might not be suitable for a business audience, consider creating a separate personal profile for friends and family. Next, having a business page is essential for promoting products and services to customers and potential customers. Additionally, creating a Facebook group around your business can lead to increased engagement and interaction with your audience. It's important to note that having too many groups or pages can be distracting, so focus on creating and managing a few high-quality ones. Lastly, using Facebook's pay-per-click advertising options, such as boosting posts or creating ads, can help increase the reach and visibility of your content.
Maximize reach and growth on social media: Effectively use social media ads and accounts to reach target audience, control costs, and grow business with consistent branding, engaging content, and strategic posting.
Leveraging social media platforms like Facebook, Twitter, and Instagram for business can help you reach your target audience effectively while controlling your costs. You can create and run ads, as well as manage your own accounts, to maximize reach and growth with minimal wastage and maximum profit. Use a consistent brand image and messaging, and consider creating and sharing image quotes or curating quotes from others to engage your audience. Building an email list and writing a blog are also effective ways to leverage content and grow your business. Maintain a consistent posting schedule, but avoid overwhelming your audience with too much content. Cross-promote content across platforms to increase reach and engagement. Remember, inspiration can come from various sources, and giving credit where it's due is important.
Maximize reach by tailoring content for each social media platform: Tailor content to Instagram for short, visually appealing quotes or images, Facebook for longer, detailed posts, and consider starting a podcast or YouTube channel to share expertise and build a fan base.
Leveraging multiple social media platforms and creating content tailored to each platform can help expand your reach and connect with a wider audience. For instance, Instagram might be ideal for short, visually appealing quotes or images, while Facebook might be better for longer, more detailed posts. Additionally, starting a podcast or YouTube channel can be an effective way to share expertise and build a fan base. It's essential to understand the unique strengths of each platform and tailor your content accordingly to maximize engagement and growth for your business.
Maintain a personal brand while growing a business: Combine a company brand and personal brand for flexibility, pivoting, and a loyal fan base. Apple is an example of a successful company with a strong following and a legendary founder.
It's essential to maintain a personal brand while growing a business. Rob shares his regret of giving up his personal coaching and branding for seven years while focusing solely on his property business. He believes that having both a company brand and a personal brand provides flexibility and allows for pivoting when needed. Apple, as an example, has proven that a company can thrive even after the founder's passing, as long as both the brand and the founder have a strong following. By involving customers in the creation process, businesses can reduce risk and better understand their audience through crowdsourcing. Ultimately, celebritizing both the brand and the founder allows for a more significant impact and a loyal fan base.
Seeking customer feedback and preferences: Actively ask customers for feedback, align offerings with their desires, and minimize risk of business failure by catering to their needs.
Understanding and catering to your customers' needs and wants is crucial for business growth and success. This can be achieved by actively seeking their feedback and preferences, and offering products or services that align with their desires. Mercedes, for instance, has found success by creating hyper-niched models to cater to various customer segments. However, disregarding customer feedback can lead to alienation and potential business failure. To minimize this risk, ask your customers what they want, what you should stop, start, and keep, and what media they prefer for your products or services. By giving them what they want, you not only increase your reach and exposure but also reduce the risk of a flopped launch. Always remember, your vision and mission should resonate with your audience, and effective communication through various channels is essential to achieve global financial freedom or any other desired outcome.
Understanding Your Unique Selling Proposition: Identify what sets you apart, embrace authenticity, and create a marketing message that resonates with your audience by focusing on your unique selling proposition.
Identifying and embracing your uniqueness is crucial for building a strong brand and effective marketing strategy. This means understanding what sets you apart from others, what's revolutionary or controversial about you, and even what your weaknesses are. By focusing on your unique selling proposition, you can create a marketing message that resonates with your audience and solves their problems. Additionally, being authentic and transparent about who you are and what you're not good at can help build trust and loyalty with your customers. Finally, having a clear vision of how your uniqueness serves and solves for most people can help you create a powerful, scalable marketing strategy that dominates your industry. Remember, it's okay to be a little chaotic or imperfect as long as you're making a difference and forging ahead.
