Quick Tip
Not a Trick Question
Is customer acquisition an expense or an investment?
That depends on how you make money.
Some businesses make most of their money on a single transaction.
The only way for them to increase their bottom line is to sell to more people.
In that business model, it makes sense to look at customer acquisition as an expense - and work to keep it low.
But for service and advisory businesses like yours and mine, there's a better number to focus on - customer lifetime value (CLV).
We have the opportunity to have long-term relationships with our customers (sometimes for life). It makes sense to invest in those relationships up-front - because we know they will pay dividends later.
If you sell widgets, focus on minimizing your customer acquisition costs.
But if you have a relationship-based business, focus your energy on maximizing your CLV.
Yours for smarter marketing,
Bill
913.962.9261
News, Tips, & Tricks
Google's Small Business Advisors
Google has launched a new service for small businesses. Actually, it's not new. It officially launched last November but Google is now starting to ramp it up.
These 1-on-1 video calls are for business owners who need teaching, but not troubleshooting. It can be a great way to get help with Google My Business (GMB) or any other Google tool.
Top 9 Best CRM for WordPress – 2021 Review
Looking for a CRM that integrates with your WordPress site? This list from Quicksprout is a great starting point.
The Robots March On
Facebook introduced TextStyleBrush, an AI research project, a tool for helping you edit and replace text in images.
If at first you don't succeed
Sue, sue, again. The Supreme Court is giving LinkedIn another chance to protect user data from web scrapers.
And this...
A Chinese engineer made it harder to fall off a bicycle - but I'm sure it's not impossible.
Book of the Week
Never Split the Difference Negotiating as if Your Life Depended on It.
Chris Voss, a former international hostage negotiator for the FBI offers a new, field-tested approach to negotiations
Tool of the Week
Visme
A toolbox for creating professional presentations, interactive infographics, beautiful design and engaging videos - even if you're not a designer.
Image of the Week
First Roller Coaster in America Opens - HISTORY
On this day in 1884, the first roller coaster in America opened at Coney Island. It cost a nickel to ride and reached a speed of approximately 6 mph.
Like This Newsletter?
Let me know. Reply, email me at [email protected], or find me on LinkedIn to hit me with some feedback. I’d love to know what you think.
Thanks for reading.
Bill
913.962.9261
P.S. - And whenever you are ready, here are 3 ways I can help you grow your business:
1) Get a copy of my new eBook - Break Free From Your Inbox - Spend less time writing emails and more time serving clients. Simply reply to this email with "Inbox" and I'll shoot you a copy.
2) Try the Marketing Mindset Scorecard - See how each mindset is helping to grow or slow your business. Click here
3) Finish those nagging tasks - Day Rate Consults are the fastest, least expensive way to get those pesky marketing tasks off of your to-do list. Learn more...