Have you also noticed how the vast majority of profit seeking business owners or service providers actually calculate their customer acquisition costs? Basically they run an on or offline ad or promotional campaign of some kind.
And depending on ‘how” much they actually spent on the entire campaign. They divide how much they grossed by the total number of unique customers their campaign initially generated on their front end. And this amount is how they typically determine their cost per lead (CPL.)
So in other words. Based on whatever they spend and X number of first time customers, either physically came through the door.
Or went to their (your) website. They at least have a general idea of how much each lead/prospect/customer actually cost. However, this particular method doesn’t allow you or your competitors to pay a fixed cost per lead. Say what?
Turn the page to discover this incredibly simple, rarely revealed marketing strategy for controlling your current and future customer acquisition costs…
So You’re Probably Wondering What Is A Customer Acquisition Model?
Fair enough. Basically the (really) short answer is this. The proven marketing, advertising or promotional process you or your major competitors use. To consistently generate first and long time repeat customers or clients.
Not to worry. You’re going to narrow down your focus. So it’s not such a broad based concept or theory. Case in point. Let’s say you’re the senior manager for a successful gourmet beverage distributorship. And one of your most popular beverages, is some extremely great tasting gourmet coffee.
Which you currently sell, in five, ten and twenty lb. (pound) bags. And up until very recently. You were wasting a ton of money on those outrageously expensive, dismally performing traditional advertising and promotions.
So now instead of wasting your money on those totally lame, half and full page, glitzy traditional advertisements. Going forward.
Here’s the type of strategies you at least inexpensively test. So you discover one of the major vendors of yours. Has several different semi huge, (long term) accounts.
Which have their main office inside a large commercial complex. So you allow your vendor to start (initially) giving away free twenty or X pound bags of some of your most popular gourmet coffee in the brutally cold winter months.
And some of your best tasting exotic lemonades or ice tea during the brutally hot summer months.
Allowing Your Ideal Prospects A Chance To Sample Your Products Or Services On A Trial Basis Is A Proven Customer Acquisition Strategy!
You can pretty much see how this particular strategy ultimately unfolds. Correct? Your vendor starts giving away twenty pound bag samples of your great tasting coffee to some of their best business owner or service provider customers.
So the owner starts letting their employees sample this great tasting gourmet coffee, ice tea, lemonade or cocoa etc. And rest assured, at least some of them will want to not only purchase some from themselves.
But they’ll want to purchase some as gifts for you name it? Extremely close relatives, friends or current or past neighbors etc. Right? Which means they’ll also start repeat purchasing. Meanwhile you’re no longer wasting a fortune on those dismally performing, outrageously expensive ad campaigns.
And best believe, positive word of mouth and mouse will quickly spread throughout the entire 21 story building. Faster than a juicy sex scandal in Washington, D.C. does.
The Right Type Of Market Tested Ethical Bribes Can And Will Do A Majority Of The Heavy Lifting!
And since most, (certainly not all) of the business owners or service providers located in this one particular commercial office building. More than likely, they either have a full or part secretary. Or a full or part time receptionist to handle their front desk duties.
On National Secretaries Day. You also arrange for your vendor to deliver to their customers, who either have secretaries or receptionist. You’ll give your vendors free twenty pound bags of gourmet coffee, to deliver to every one of them who says they love coffee. Especially some extremely great tasting gourmet coffee.
And again. Because you or your major competitors already know going in. Your ideal customer easily has a total lifetime customer value metric of somewhere between $50-$3,500 dollars. Give or take over the next five to seven year period.
You can or your major competitors can easily afford to invest in initially giving away a twenty or X pound bag of some of your best tasting whatever.
Because the long term marketing odds are definitely in your favor. For a percentage of them exposed. Will ultimately convert into repeat, long term customers. Don’t you agree?
Coming up very shortly in part two. You’re about to “discover” how you or your major competitors can consistently convert your typical customer acquisition costs into a long term profit generating center. So please stay tuned. Thanks.
Isn’t It Time You Discovered How To Systematically Convert Your Initial; Front End Customer Acquisition Costs Into A Fixed Expense?
P.S. Now as is customary during this part of our show. Please share your extremely valuable comments (in the comments section below)
that you can apply to your business, product or service in the next 30 days or less!
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Mark, keep churning out this helpful content buddy. So happy to see you persist diligently over the years. Trial samples can really rock; I know Amazon does this with my eBooks. Folks can take a little taste of a few pages and if they enjoy the flavor, drop 7 bucks to enjoy the whole thing. Prospering strategy indeed.
Ryan
Thanks for the real world validation coach!
I totally appreciate it. Because you’re incredible and ongoing
journey towards success was and is built on the powerhouse concept of
strategic persistence.
So it only makes sense to systematically follow the proven path of my coach and mentor!
Besides, you can never over serve your target market. Right coach? LOL!
Thanks so much for stopping by and sharing your extremely
valuable insights. They are always welcome.
And it’s always good to see and hear from you! You and yours
remain safe! And continued success!
So if yo