Jan 23, 2023
Understanding your customers is a critical aspect of business. But there might be more substantial benefits than you think. When you're just starting off, it's usually necessary to take on as many clients as you can. However, as you grow, this practice could actually stunt the growth of your business.
In this episode, I discuss 3 ways (metrics) to determine your
ideal client and how you can use the results to supercharge your
business's potential for growth. I'll also explore the individual
calculations that go into each of these metrics.
This week on The Financially Simple Podcast:
- (3:14) The Recency, Frequency, Monetary Value Model
- (5:31) Customer Lifetime Value
- (11:26) Customer Acquisition Cost
- (13:11) The CLV Over CAC Metric
- (16:02) How to Use the Results to Grow Your Business
Our Favorite Quotes:
"Sometimes you have to say, 'No' to the good things in order to say, 'Yes' to the great things." — Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the
challenges and puzzles of running a business, you’ve come to the
right place. The Financially Simple podcast was built for you. With
over 400 episodes and counting, our host Justin Goodbread covers a
broad range of topics, from starting a small business, to prepping
it for sale, to growing your personal wealth. Justin’s combination
of analytical skills, tough love, and a healthy dose of experience
delivers practical ideas that will benefit business builders at
every stage of their business journey.
If you have questions, or comments for Justin, submit those at:
https://financiallysimple.com/ask-justin/
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Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.