CAC (customer acquisition cost) and LTV (long-term value) will be helpful for you in building a marketing strategy. It is important to remember that these measurements mainly should be used in accessing your strategy’s marketing performance. It’s not at complicated as it seems. Trust me! This blog is a follow-up on the CAC and LTV topic that I've discussed last week. Let’s jump in.
What does it take to acquire and retain a Customer?
As you well know, there's a cost to acquiring new customers. Expenses or costs of marketing can include many expenses such as:
I might be dating myself here, but remember the early days of getting directions online? You'd go to a site like MapQuest, put in your start and end points, and print out 10 pages of turn-by-turn directions. It worked great... until you missed a turn. If you got off the route, you were doomed.
Compare that early technology to the current, GPS-based options, such as Google Maps or Waze. These new tools give you dynamic directions in real-time. It knows where you are, how fast you're going, and where you're headed. It can even warn you of road hazards and find new routes on the fly.
Which type of navigation tool are you using to track your customers' journeys? Are you spitting out a set of directions for them to follow, hoping they won't deviate from the route? Or are you using accurate data to map where they are, where they're headed, and what hazards they need to avoid?
Our client base is made up of several niches, but predominately physicians, dentists, and attorneys. Further breaking down the spread, dentists is what we seem to attract more than the others.
In 2016 eLaunchers.com became Digital Marketer Certified Partner and joined the quest to help digital marketer double the size of 10000 companies.
Digital Marketer has a 73 point check list of things you can do to grow your business. I would like to share this valuable resource with you. Just click on the link below to download the PDF.
Engage, Retain & Reward Your Clients
Customer Care, Connection, Engagement, Retention, Ascension & Nurture Program
Customers are like Diamonds. YOURS FOREVER, until you lose them!
It takes blood, sweat & tears to land a customer. It takes an enormous effort to have someone know, like & trust you. It takes another significant effort to delivery, satisfy, nurture & ascend the client in a significant relationship. And one day, POOF, they are gone!
At eLaunchers.com we create a formal loss prevention program that periodically contacts your customers, makes them feel important, keep track of expectations and perceptions, gently solicits referrals and rewards the client for good behavior.