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Image from chartmogul.com

Image from chartmogul.com

The Lifetime Value (LTV) of your customer is the average amount of money your customers will spend on your products or services over their lifetime (or while they were your customer).

This is the most important metric in business because it helps you determine how much money to spend in acquiring new customers or retaining existing ones. Moreover, it will also help you in budgeting and planning your sales/marketing strategies.

Here is a practical example, let’s assume you own a gym and customers on average stay with your gym for at least 12 months. If your membership fee is $40, then your LTV is $480. For simplicity, let’s assume your profit margin is 50%; this implies that you can spend up to $240 to acquire a new customer.

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# 1. Email Marketing App (like MailChimpGetResponseAweberMarketo, etc): Email marketing in comparison to other marketing channels has the highest return on investment. A study by Direct Marketing Association was conducted to find out the effectiveness of various types of marketing; Email marketing was declared the clear winner, with a return of investment of around 41 to 1.

#2Hootsuite: Helps you manage all your social media content in one place, from prospecting to managing and scheduling your social posts.

#3Google Analytics: Whatever your industry (travel, automotive, healthcare, finance, etc) Google Analytics can help you get a deeper understanding of your customers, so that you can deliver better experiences.

#4BuzzSumo: Analyze what content performs best for any topic or competitor. Alternatively, use it to find key influencers to promote your content/product/service.

#5SurveyMonkey: is one of the most popular free online survey tools. Got a question for your customers or employees? Survey monkey can help, you can find out exactly what your customers want, need, and expect.

Author: Chris O.

Step #1

The first step in every sales process is to Get the Attention of your prospect (via an Ad or referral)

Step #2

The next step is to present he or she with the Right Offer. If you have the wrong offer the sale process will end abruptly. Thus, it is extremely important that your offer is based on your prospects needs or pain; never make an offer based on what you think your prospects will like. See GEM #1

Step #3

So, you’ve gotten their attention, you have presented them with the right offer, the next thing you need to do is to address their Objections and Reverse the Risk. This will help you remove any doubts or skepticism at the back of their mind. To reverse the risk, all you need to do is offer full or partial refund, if your product or service does not live up to their expectation or as advertised.

Step #4

Lastly, Ask for the Sale. As obvious as this may sound lots of businesses fail to do so in their promotions/Ads. Likewise, there are many salesmen that unconsciously omit this step during their sales pitch. If you find yourself in any of these categories, rectify your Ad or pitch immediately by simply adding “Order Now”, “Call Now to Place an Order”, “Call Now for your FREE Quote”, “Buy Now”, etc. If it is an in-person sales presentation simply ask “how would you like to pay, with check or credit card?”

Believe it or not, this is all it takes to make a sale in most cases. If you are selling a high ticket item addition steps may be required.

By the way, before you leave we’re currently offering a free consultative session on how to build a behavior based, data driven automated sales prospecting system. This is the future of marketing (marketing 3.0). To book your consultative session click here.

Author: Chris Ogunor

Why does your business exist?

If you don’t know the answer to this question, watch the video below.

In marketing, a Hook is a word, phrase, a story, or a unique offer that’s capable of stopping a prospect dead in its tracks, capturing 100% of the prospect attention, and compelling him/her to either buy your product or demand more info about your product.

Here are real Ads with a great HOOK (underlined):

  1. Discover Jim Kwik’s 10 Powerful Hacks To Unlock Your Super-brain So You Can Learn Faster, Retain More and Forget Less.
  2. Amazing Secret Discovered By One-Legged Golfer, Adds 50 Yards To Your Drives, Eliminates Hooks and Slices…And Can Slash Up to 10 Strokes From Your Game Almost Overnight!

Bottom line, the hook has to awaken a burning curiosity in your prospects mind that forces them to fantasize about your product or service.

Hint: Test different hooks until you find the one that gets the most response (most sales.

Author: Chris Ogunor

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