Digital Marketers Ryan Deiss answers the question,what metrics should you track in your business?
Ryan Deiss of Digital Marketer gives us some Deiss advice on the two metrics you should always be tracking in your business.
You need to always be asking yourself this question:
Did I make more money than I spent?
If the answer is yes keep going, keep spending – it’s working.
If the answer is no, dig in and find what’s broken, what didn’t work.
Your aim is to grow your business and make more money.
There are two key metrics to track when it comes to evaluating your business:
1. COST OF ACQUISITION – COA
How much does it cost YOU to acquire a customer.
2. IMMEDIATE CUSTOMER VALUE – ICV
What is a customer worth to you immediately.
As long as your immediate order of value is higher or equal to your cost of acquisition – keep going!
It’s the safest and simplest way to do it.
How do you influence these numbers?
1. Focus on improving your conversion rate.
2. Have a conversion funnel:
The opportunity for your customer to ascend, upgrade and buy additional products and services.
This now increases your immediate customer value so you can spend more on acquiring more customers.
“He or she who is able and willing to spend the MOST to acquire a customer WINS”