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Hub You - How to Determine Small Business Client Acquisition Costs and More Importantly Why Should You Know
Sometimes I use games theory to help the owners of small businesses gain an insight into business behaviour.Often they start by denying any games are invovled and we always have an enlightening discussion. There are three rough groups of games that I usually see played in business:Zero sum - I win, you looseThe Zero Sum game is the c
Why?Why should you bother?A couple of little business statistics have stayed firmly in my business thoughts ever since I came across them almost 10 years ago.1. A 5% improvement in customer retention could add between 25% and 125% to your bottom line.2. Companies with good service records grow twice as fast as those with poor
During my 25 years in business, I am continually surprised that small business owners, entrepreneurs, sales personnel and even executives in larger organizations cannot quickly identify what it is costing the organization to secure new clients and to maintain existing ones. Ongoing efforts through a variety of vehicles including marketing, referrals and cold calling are never truly measured to accurately determine client acquisition cost(CAC). Without knowing CAC, you are ignoring return on your investment (ROI) for not only your f
I learned this technique from an ancient Umatic (3/4 inch) video cassette. It was produced to assist car dealerships in getting the most money from trade-in sales. I don't know if car dealerships still teach this, but I've never had it fail me, yet.Here is how it works in the video. Someone wants a thousand dollars for their trade-in. It's worth a thousa
What would happen if the author of The Da Vinci Code wrote your next direct mail fundraising appeal letter?Would your letter be boring? Predictable? Forgettable?I’ll give the answer in a minute.Your donors will no longer respond to lacklustre appeal letters. Today’s busy, distracted donors won’t donate to unexciting causes.Bla
Embossing is a method to accentuate a particular part to make it visible. It is a technique that creates a raised image or text on metals and non-metals using embossing powder, tools, dies, stamps and embossing stencils. Embossing letters and designs can be felt and seen on the surface. It adds an element of class and elegance by embossing your artistic creatio
As I stated in a previous article, every customer wants to be an Insider. Here are ten more tips to make that happen for your customers.1. The Secret StashPeople enjoy small trinkets if they are of a limited quantity. Can you imagine having a piece of your product that was found in the World Trade Center rubble? You would value it as a memento of
So how do you determine client acquisition cost?
Simply speaking for every client, you delineate all costs associated to initially acquiring that client outside of fixed asset costs such as utilities, rent, equipment, support salaries, etc. This becomes the initial customer acquisition cost and serves as a base.
Then you total up all the sales fo
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