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Archive for the category “Your Ideal Customer™”

How much is a customer lead worth to your bottom line?


Click to see what a new customer is worth to YOU. SOURCE: http://scottadennison.com/customer-lifetime-value-calculator/

Even with modest sales and increases, you can see how valuable each new and existing customer can be to your bottom line.

Do you know how much each new customer lead is worth to your bottom line? You may have heard this before and asked yourself, “Why is this important to me and why should I take the time to figure this out?”

Because if you know what ONE CUSTOMER is worth to your business, you can strategically invest in new customer acquisition…which translates into more sales…which means more $$ in your pocket!! 

This unique number is one of the basic (and most overlooked) foundations to knowing how many customers your business needs to break even and then make a profit. With this information, you begin to make smarter, more informed decisions that will allow you and your business to Simply Survive or Exponentially Thrive.

To find this unique number for your business, first we’ll need to define the term ‘Customer Lifetime Value’ or ‘CLV’. Simply put, this measures how much money your business gets to keep (Net Profit) from any given customer.

To calculate it, you’ll need to determine how much money you receive from a customer (Gross Profit/Revenue), then subtract out the money spent on serving them (Expenses/Cost), and adjust this number for time value of money.

To calculate your CLV, you’ll need to know these numbers:

  • What is the dollar amount of your ‘average’ sale?
  • How many times per year will this customer buy from you?
  • How many years will this customer typically do business with you?
  • How many referrals will this customer give you?
  • How many of those referrals (percentage %) will then also become customers?

If you don’t already have data to get these numbers, don’t worry…just ‘guess’ and ‘estimate’… sooooo…’GUESSTIMATE’! 😉 That’s right! You have to start somewhere, so give it your best educated guess! (As you do, I’d suggest that you not be overly-optimistic with these numbers and to guesstimate on the low side. Better to start out a little cautiously and potentially make an extra buck or two than to approach this too aggressively and lose money.)

Now that you have those numbers, enter them into one or more of the CLV calculators below and you’ll have a much clearer understanding of what a customer is worth… in DOLLARS (…Pounds, Lyra, Pesos, etc)… to YOU and your bottom line!

My Top 5 Customer Lifetime Value (CLV) Calculators

Simple: 

Somewhat Geeky: 

Uber-Geeky Economics Major-type 😉 : 

Do you have a favorite CLV calculator I haven’t included here? Comment with a link and it may end up in a future post crediting you as the source. 🙂

Where would you like to most expand your reach in the next 3 months?


3 Tips and Strategies For Your Google Plus Business Page – Shannon J. Hernandez


From Basic Listing to virtual tours: 3 Tips and Strategies For Your Google Plus Business Page – Shannon J. Hernandez

Create Your Google Plus Local Page from the Home menu inside of Google Plus.

Create Your Google Plus Local Page from the Home menu inside of Google Plus.

http://buff.ly/GCVFxm

Goodwill and Credibility as LinkedIn Currency?


This is a great 51 minute interview with Rick Itzkowich, The LinkedIn Guy.

Rick talks about how to make real connections with real people to get real referrals by spending about 1 hour per week on LinkedIn.

Rick Itzkowich, The LinkedIn Guy

Rick Itzkowich, The LinkedIn Guy

http://www.snfornewbies.com/social-networking/linkedin-social-networking/making-dollars-and-sense-out-of-linkedin/

Professional e-mail signatures – Great new affordable service from WiseStamp


This is a great FREE service that helps give you a professional look using Professional E-Mail Signature Templates.
(Very affordable upgrades also available…I chose the Free Version.)

Starbucks ‘Sipface’ Campaign


Very cool and creative campaign by Starbucks.

Notice how they use Visual Marketing and how they engage their customers be encouraging them to become involved…all while promoting Starbucks’ product and brand. 😉


 

Ready, set, sip face.

Everyone’s got their own Frappuccino® sip style.
Show your #sipface

SIP IT
SNAP IT
TAG IT

http://www.frappuccino.com/en-us/campaign/sipface

 


 

 

 

FIRE YOUR CLIENTS?? If they cause you pain, yes!


FIRE YOUR CLIENTS?? To all my present and future friends, clients, and business partners… #WeCantBeInARelationshipIf “you are the 1% that causes 95% of the pain.”
–Seth Godin http://ow.ly/jWpZU

Hot Facebook Marketing Tip #4 from the Top Pros


Hot Facebook Marketing Tip #4 From the Top Pros http://ow.ly/i9lIy:
Include pictures in your Facebook updates. http://ow.ly/i/1BpBf

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