Everyone loves a rags-to-riches story. So much so, they're commonplace in people's marketing.
We love these because they make the idea of growth seem possible. Often, they make it seem EASY. That all you need to succeed is a little grit and everything will fall into place. The truth is a little different. Sadly, the business that wins is usually the one that can afford to invest more into attracting customers. Here's what I mean. Picture two companies. Company 1's customers have an average order value of $100. Company 2's customers have an AoV of $200. Company 2 can afford to invest twice as much into acquiring a customer than company 1. Which means they'll be...
Company 2 will win because they can afford to invest more. This is obviously a simplistic explanation, but you get the point. You also have to consider things like the payback period and LTV of those customers. But the point stands. Generally speaking, the companies that can afford to spend the most on marketing win. One of the key points I'll be covering in tomorrow's Webinar is the system we use to...
I'll also be explaining why this is NOT the place to start your marketing efforts though. And I'll be highlighting where you should first turn your attention to make sure that the LTV of these customers is higher. More on that another time though. Pete "big spenders win" Boyle |
I've spent ~10 years helping digital brands grow. I share what I know and what I'm experimenting with in this newsletter.
I was the "guest expert" in a senior SaaS leader mastermind last night. It was fun. The senior leaders of SaaS brands doing $3MM+ would come in, explain an issue they had, and we'd talk about things they could test to solve it. A couple of questions were right in my wheelhouse. But there's one I want to go over with you today. Look, one of the big issues in any recurring fee business, whether that's... SaaS Consulting/Agency Community/Memberships ... is the issue of churn. You get yourself a...
I've completely stopped creating new lead magnets for my business. Why? Well, I could go over the same old ground and once again hammer you with the messages of... Freebie seekers are not buyers Payback period is key to staying alive But, there's another reason. One which is - in my opinion - more important and underpins the other two. In fact, this underpins the entire success of your growth strategy. Look, running ads or paying for any marketing for your business comes down to one thing....
I'm a firm believer that things can always be done a little better. Even when your marketing strategy is working, there's probably a few tweaks you could make to help squeeze a little extra juice out of it. And that's been my focus for the last week. I've been tweaking the sales material, funnel, and approach for the $1 Product Challenge. Now I could leave all of those changes and the reasons behind them hidden away. Secreted behind the paywall for only the most serious "funnel hackers" who...