Have you ever heard "you won't find your future wife in a bar"?
Well, nowadays it's more like:
"You won't find your future wife on Tinder".
And yes, I know that does happen. But the idea still stands.
Different places attract different types of people. And meeting a potential suitor in a bar is different then meeting them at the store. Or being set up by mutual friends. Or knowing someone for years before asking them out.
Some of those are likely to lead to a single... uhmm... "purchase".
While others can lead to a lifelong relationship. What we, in the marketing world, would call "an increased Lifetime Value".
Armed with this info, where would you hang out?
Well, if you're looking for a dedicated boo thang... bars probably aren't the place to be.
On the other hand, if you're looking for a wham-bam-thank-you-mam... well, just be sure to wash your hands.
And this, strangely enough, is where mail order king Dick Benson enters the conversation. Specifically his idea of calculating a "bogey".
A bogey is the amount of money you are comfortable losing on the initial purchase.
"What's that," I hear you say, "LOSE money!?"
Yarp. Lose money.
Because losing money means you can spend more to buy new customers. The trick (which you may already know) is to make up the "loss" in spades on the back end (i.e. get married instead of having a one night stand).
This is what allows you to beat your competition. When you engineer your business this way, you can outspend and outwork them. You can buy more media. You can invest in training your customer service team. You can make your competition look like a 2-bit hussy at closing time... while you're the girl next door.
But it all starts with knowing your LTV. And then calculating a bogey for each acquisition channel. Which I can't really help you with.
I'm not the numbers guy.
If, however, you want to boost LTV so you can spend more to acquire, nurture, and upsell your customers... I do know a thing or two about that.
And it's not just the simple "sell to your customers".
Yes that's something you should be doing. But a lot of it starts before the initial sale. The relationship you build with your prospect. The expectations you set. How you "prime" them to consume and implement your product. Which heavily comes down to copy.
The funny thing is I didn't learn this from a copywriter. I learned it from Brian Kurtz in his fantastic book "Overdeliver" (a signed copy to boot!).
And I continue to learn from Brian every week in his Titans Xcelerator group (where we get weekly coaching calls with Brian, top-level training from the likes of Perry Marshall, Ben Settle, and Doberman Dan, monthly swipes, and a whole lot more).
Plus, you get a private FB group and access to some of the best marketing minds on the planet. When you get in there, you may be surprised all the names you recognize.
To join, head to the link below. Once you do, email Brian letting him know I sent you and I'll get a bit knocked off my renewal fee.
Here's the link: