Are you familiar with your average cost-per-conversion or cost-per-lead? Knowing how much it takes to acquire a new customer is an important consideration in your digital marketing plan. But it’s just part of the equation.
Taking it a step further, calculating customer lifetime value will inform you on how much you can afford to spend on marketing in order to acquire a new customer. If you are spending more per conversion than the customer is going to spend with you during the span of your relationship, it’s time to make adjustments to lower your CPC.
MARKETING AND GROWTH NEWS
What you need to know:
Overlay? No way! YouTube is sunsetting overlay ads, which are known to be less effective than other ad formats.
Teach me, TikTok! The platform has added a Keyword Insights tool to understand what’s resonating with users.
Seeing blue? Google’s featured snippets now show blue-highlighted text. Here’s what it means.
ChatGPT at your service. Learn how the AI bot can turn your objectives into SMART goals.
Will it rock you to your core? Google confirms it’s beginning to roll out its latest core algorithm update for March 2023.
IG FYI: Instagram has launched Reminder Ads that enable users to opt into alerts ahead of an event.
The TikTok Takeover: TikTok usage has increased by six times since 2021 among Americans over 25.
Trade Show and Virtual Event Social Media Support
Your trade show or virtual event can reach a bigger audience when you leverage social media properly. Social media platforms have the potential to reach a larger or more specific audience that simply would not be available to you otherwise, even if you paid for a traditional or digital ad campaign.
Customer Perceived Value: What Is It and Why Is It Important?
The perceived value of what you offer your customers is critical to your success or failure. If customers perceive the value of your goods or services to be high, they’ll be likely to pay more and buy more frequently. The opposite is also true; an offering that has a low perceived value is going to struggle to turn a profit.
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