September 22, 2021
September 21, 2021
A key component of Customer Development Strategy is knowing how much to invest in marketing to make sure you have a healthy business in the future.
Let me show you an example.
Let's say that you lose $15 profit acquiring a customer. Then, the customer delivers the following amount of annual profit in each subsequent year.
- Year 0 = $8 (this is in the remainder of the acquisition year).
- Year 1 = $12.
- Year 2 = $8.
- Year 3 = $5.
- Year 4 = $4.
- Year 5 = $3.
September 20, 2021
The results aren't bad. There is an enormous glut of customers who haven't bought since (yellow colored cells).
- Create Awareness that leads to first-time buyers.
- Develop first-time buyers into subsequent purchases.
- Harvest profit from loyal customers.
September 19, 2021
If you ever want to see what America is like in 2021, spend a few minutes and read through the comments on this Twitter post (just visit https://twitter.com/explore and look it up). Both sides.
- Salary + Benefits.
- Love + Safety.
September 16, 2021
On 9/9 this "omnichannel brand" sent out an email campaign saying "Today Only, 30% Off".
On 9/10, the same "omnichannel brand" sent out an email campaign saying "Today, 40% Off".
I guess technically the 30% offer was only for September 9.
But if you spend $200 on 9/9 you actually paid $140 ... spend $200 on 9/10 and you actually paid $120. The "omnichannel brand" cared so much about you that they were willing to charge you $20 more.
This is yet another example of a lack of love in commerce. Maybe the two are mutually exclusive, but they don't have to be mutually exclusive.
This also means that you, the reader, have an opportunity to fill that void of loveless commerce with love. Why not do just that?
September 15, 2021
- Payment due by October 15.
- 5 Years of data, one row per item purchased, due October 15.
- Analysis and writeup completed by October 31.
September 14, 2021
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