Are You Obsessing Over Cost per Lead or Cost Per Click?
It’s ok, I sometimes do too.
But as much as possible, I try not to.
Getting low CPC and CPLs are awesome. But how does it affect the bottomline?
At the end of the day, you may be getting cheap clicks and cheap leads but if they are not converting into sales, it doesn’t matter. (lol wag pilosopo ha, the conversion doesn’t have to happen literally at the end of the day)
What I would recommend though is to find a way to increase the value of your already existing customers.
As a business owner, you’ve probably realized that it’s much easier to sell to an existing customer than to acquire a new customer.
This is usually referred to as Customer Lifetime Value or CLTV.
So apart from focusing on how to lower CPC, CPL or CPA, I highly recommend finding ways to increase CLTV.
This is relatively easy for services that run on retainer basis.
The same for products which are consumable like food, cosmetics and basically products which have a high likelihood of repeat purchase.
But what if your business currently does not have any offer for repeat purchase? What can you do?
My recommendation is to go back to the problem your product or service is trying to solve.
Then ask yourself: How else can I help my ideal client solve this problem?
If you’re selling vacuum cleaners with the objective of trying to provide a more livable home for a family, what other products can you offer to make your customers’ home more livable?
Or if you are a Real Estate broker wanting to help millennials be more independent, what other services could you provide to help you achieve that?
If you are a nutrition consultant looking to fight childhood obesity, how else can you help your client achieve the results they want faster?
Growing your business and sales isn’t always about continuously putting your offer in front of new people.
A lot of times, it’s about going to the people who you have previously served and finding ways to help them more.
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