1/19/2021 Tip: Do this Calculation to Grow Your Sales | Growthink

1/19/2021 Tip: Do this Calculation to Grow Your Sales

Today’s Quote

Create a definite plan for carrying out your desire and begin at once, whether you are ready or not, to put this plan into action.
~ Napoleon Hill

 

Today’s Tip

To grow your sales, it is critical to start by calculating the lifetime value of an average customer.

You also need to figure out how much you’re currently paying to acquire an average customer (your total monthly ad spend divided by the customers acquired in that month).

And you need to determine the maximum you’re willing to pay to acquire a customer.

You can then scale your marketing scientifically by testing relentlessly and finding the channels (e.g., Google Ads, television ads, newspaper, etc.) in which you can acquire customers for less than your maximum acceptable customer acquisition cost and then grow your ad spend within those channels.

 

Today’s Resource

Need Funding?

Would more funding allow you to significantly grow your company?

Then you need to figure out which sources of funding you can raise today. 

Learn more here <– 

 

Trivia

Today’s Question: What advertising symbol was created by a Virginia schoolboy as part of a drawing competition held in 1916?

Previous Question: What do a ballpoint pen and deodorant have in common that represent a critical business breakthrough?

Answer: The ball-point pen inspired the development of modern day roll-on deodorant. Before this, deodorant was packaged in a cream form.

Many great innovations come from outside of your industry. For example, Fred Smith conceived Fedex and its distribution model after learning the system in which banks process checks.

Always be on the lookout regarding products and processes that you encounter in industries other than your own. Since applying them to your industry could be revolutionary.
 

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