Big Ask Question of the Day
Big Ask Question of the Day

Episode 174 · 2 months ago

Time to double down


Today's question is...

How can I reduce my cost to acquire a customer by 50%?

For more great questions, download my 50 favorite questions at

It's time for you. Can't juststops big ask question of the day. Welcome to you can't just stop theplace for quietly stubborn entrepreneurs with big goals and drains. After encountering hundreds ofhigh achieving athletes, entrepreneurs and world changers, I've discovered that many times their impactcomes from the questions they ask as much as the actions they take.That's why I invite you to answer a question each and every day to reachyour goals. And now for today's question. How can I reduce my cost toacquire a customer by fifty percent? There are so many important metrics whenit comes to running a business, and one of them that I really likeis the cost to acquire a customer, and I think it's one that getsforgotten. It gets put off by a probably more sexier things like your lifetimevalue of a customer or just the sheer...

...number of customers. But if wecould reduce the cost to acquire a customer by fifty percent, you know,cut it in half, that means I could get twice as many customers forthe same amount of money. So that's going to drive a lot of othermetrics right. If I can reduce this number by fifty percent, it's goingto automatically, you know, pretty much automatically double my number of customers becauseI'm taking that money and I'm spreading it out. So how can I?You know how what are some great ideas to reduce this cost to acquire acustomer? But one of the first things that comes to mind for me istracking where your customers are coming from, so you know where you're profitable leadsources are. You know, so you know what your best lead sources andthen you double down on that lead source. Right. If I'm just kind ofthrowing money at fifteen different things and I don't really track how those fifteendifferent things are doing, it's going to be hard to reduce this number.But if I'm doing some really great tracking, and I know that you know itema, you know, segment a... bringing me great leads at thisprice and segment F is bringing me, you know, really mediocre leads atthree times the price. Well, I cut off F and I move allmy money to a, right, so then I can start to reduce thisnumber. So I that's one of the first things that comes to mind forme, is just better tracking. But maybe it's just, like I said, just doubling down on a lead source that's been working really well. Youknow, these are just some things that come to mind for me right offthe top. See You tomorrow.

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