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In this episode, Brandon discusses the importance of knowing your numbers in business, specifically the lifetime value and cost of acquisition of your customers. Understanding these numbers can help you determine how much to spend on advertising and how quickly you can grow your company. He also explains how longer recovery time expands growth potential, and how high acquisition cost is manageable with lifetime profit. Learning your numbers is crucial for building a successful business.
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Quick takeaways
- Understanding the cost of acquisition and lifetime value helps calculate profit and optimize advertising efforts.
- Balancing cash flow and growth potential is crucial for building a bigger and more successful company.
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Importance of knowing Cost of Acquisition and Lifetime Value
In this podcast episode, the speaker emphasizes the importance of understanding the cost of acquisition and lifetime value in business. They explain that the cost of acquisition is the amount spent to acquire a customer, while the lifetime value represents the total value a customer brings to the business over time. By knowing these numbers, businesses can calculate their profit. Knowing the cost of acquisition is crucial because it helps determine the effectiveness of advertising efforts and the potential profit margin. Similarly, understanding the lifetime value allows businesses to make informed decisions about how much they can spend on acquiring customers.
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