DecaMillionaire Decoded 3 Ways to Determine Your Ideal Client and Use the Results
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.
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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”).
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