B2B start-up companies and small businesses eventually all come to the same conclusion, that they need marketing to reach their business goals, grow, and compete in your industry. But the million-dollar question is should you hire a marketing agency (external) or hire an in-house marketing department (internal).
The Big Question Every Company Asks Themselves: How Much Profit Are We Making Off Each Customer?
This answer is so important because it determines the fate of the business currently, as well as what profits need to be made in order to allow the company to expand in the future. That is why the Customer Lifetime Value (CLV) is the single most important metric in making financial business decisions regarding Marketing, Sales, Product Development, and Customer Support. As we go more into depth on these topics, you will be able to answer these following questions on each of these areas the business standpoint.
Customer Acquisition Cost is THE Main Metric In Determining The Success Of Your Company
Customer Acquisition Cost: example, calculation, result, and how to improve it all here and simplified for you.
Traditionally, a company had to intrigue viewers with an abrupt style of advertising, and from there they would find methods to track consumers through the decision-making process.
Receiving hundreds or thousands of likes on Facebook is exciting, right? Other things such as an increase in web page views or comments on your blog post are also positive, right? While these are definitely good in terms of feedback for your marketing team, but these are most likely not what your boss actually cares about or wants to waste time discussing.
We simplified these important marketing metrics, including a cheat sheet & chart below, so you are able to show your boss trackable data that they actually care about and can actually understand such as cost-per-acquisition, customer’s lifetime value, where to best spend their budgets, and how long it will take to see returns.