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

Episode 174 · 7 months ago

Time to double down

ABOUT THIS EPISODE

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 https://youcantjuststop.com/questions

It's time for you. Can't just stops big ask question of the day. Welcome to you can't just stop the place for quietly stubborn entrepreneurs with big goals and drains. After encountering hundreds of high achieving athletes, entrepreneurs and world changers, I've discovered that many times their impact comes 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 reach your goals. And now for today's question. How can I reduce my cost to acquire a customer by fifty percent? There are so many important metrics when it comes to running a business, and one of them that I really like is the cost to acquire a customer, and I think it's one that gets forgotten. It gets put off by a probably more sexier things like your lifetime value of a customer or just the sheer...

...number of customers. But if we could 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 for the same amount of money. So that's going to drive a lot of other metrics right. If I can reduce this number by fifty percent, it's going to automatically, you know, pretty much automatically double my number of customers because I'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 a customer? But one of the first things that comes to mind for me is tracking where your customers are coming from, so you know where you're profitable lead sources are. You know, so you know what your best lead sources and then you double down on that lead source. Right. If I'm just kind of throwing money at fifteen different things and I don't really track how those fifteen different 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 item a, you know, segment a...

...is bringing me great leads at this price and segment F is bringing me, you know, really mediocre leads at three times the price. Well, I cut off F and I move all my money to a, right, so then I can start to reduce this number. So I that's one of the first things that comes to mind for me, 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. You know, these are just some things that come to mind for me right off the top. See You tomorrow.

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