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2 Keys to Unlocking UNLIMITED Marketing Budget in Your Business.

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2 Keys to Unlocking UNLIMITED Marketing Budget in Your Business.

Do NOT spend another cent on marketing until you master these 2 keys...

This is the slide companion to my video, 2 Keys to Unlocking UNLIMITED Marketing Budget in Your Business, at https://youtu.be/L4kWzqry4W4

If you are a Malaysian Business Owner who have been in business for at least 3 years+ and your turnover is at least RM2 Million, you can learn more by signing up for a Free Trial Coaching session here:

http://businesscoaching.works/request-trial/

Do NOT spend another cent on marketing until you master these 2 keys...

This is the slide companion to my video, 2 Keys to Unlocking UNLIMITED Marketing Budget in Your Business, at https://youtu.be/L4kWzqry4W4

If you are a Malaysian Business Owner who have been in business for at least 3 years+ and your turnover is at least RM2 Million, you can learn more by signing up for a Free Trial Coaching session here:

http://businesscoaching.works/request-trial/

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2 Keys to Unlocking UNLIMITED Marketing Budget in Your Business.

  1. 1. Go to https://bit.ly/2JKhY97 to watch companion video. (Link NOT Clickable, type in your browser.)
  2. 2. 2 Keys to Unlocking Unlimited Marketing Budget Do NOT spend another cent on marketing until you master these keys...
  3. 3. A Business has two functions... 1. Getting customers 2. Keeping customers
  4. 4. If you can buy RM1 with 80 cents, how many RM1 will you buy...?
  5. 5. Answer: You will buy as many as available for sale. If you can buy RM1 with 80 cents, how many RM1 will you buy...?
  6. 6. If you can buy a customer with RM8 and make RM10 from each customer, how many will you buy?
  7. 7. Answer: You will buy as many customers as you can and scale up your business to handle more!
  8. 8. If you can get customers & keep customers profitably, you have an Unlimited Marketing Budget to keep growing.
  9. 9. 2 Keys to Unlocking Unlimited Marketing Budget
  10. 10. Key Number 1 Acquisition Cost (AC) How much do you spend to get 1 customer? If you spend RM500 on marketing and get 10 customers, you bought each customer with RM50.
  11. 11. Key Number 2 Lifetime Value (LTV) How long do you keep a customer & how much he/she spent in that time? If a customer spend RM50 per month & stay 2 years, the Lifetime value is RM50 X 24 = RM1200
  12. 12. If you can get customers & keep customers profitably, you have an Unlimited Marketing Budget to keep growing.
  13. 13. Case Study # 1 Client : Project based business AC : RM30K (RM10K per RFP, win ratio 1/3) LTV : RM500K What other strategies can we test to get 1 customer at RM30K or less?
  14. 14. Case Study # 1, con't Tested offering RM5K free consultation + design. Results: RM30K reached 6 prospects instead of 3, win ratio 1/3. A/C lowered by 50%, Sales doubled with same 30K spent.
  15. 15. Case Study # 1, con't What other strategies can be tested to reduce Acquisition Cost and increase Lifetime Value?
  16. 16. Case Study # 2 Client : Industrial equipment business with a sales team of 6. Challenge: Not enough sales, “no budget” for marketing. Current situation: Salesperson salary RM3000, generate average 10 inquiries and close 2 of the inquiries.
  17. 17. Case Study # 2, con't Salesperson Salary : RM3000 Inquiries per month : 10 Sales made : 2 Cost per Inquiry : 3000/10 = RM300 Acquisition Cost : 3000/2 = RM1500 Lifetime Value : RM40,000
  18. 18. Case Study # 2, con't Baseline: Cost per Inquiry = RM300, Acquisition Cost = RM1500 1. He tested multiple strategies to generate inquiries, target RM300 or less. 2. He tested multiple strategies to get a customer, target cost RM1500 or less. 3. As number of strategies increases, salespeople headcount reduced, keeping top performers who beat baseline.
  19. 19. Case Study # 2, con't Results:  Maintained Lifetime Value  Reduced Acquisition Cost  Reduced sales team headcount to top performers who beat current baseline
  20. 20. 1. What is your current Customer Acquisition Cost? 2. How can you reduce it? Your turn...
  21. 21. 1. What is your current Customer Lifetime Value? 2. How can you increase it? Your turn...
  22. 22. What strategies you need to start testing, stop running, increase frequency or tweak, knowing your AC & LTV? Your turn...
  23. 23. Only 2 reasons to limit marketing budget: 1. Strategy being tested. 2. Strategy don't work.
  24. 24. Online marketing? Social media? Traditional marketing? Let the numbers tell you.
  25. 25. Free Trial Coaching Session worth RM750 if you have: 1. Minimum 3 yrs+ in business 2. Turnover at least RM2 million
  26. 26. http://businesscoaching.works/request-trial

Editor's Notes

  • Hi & welcome to business nuggets, your quick business tips channel for business owners, today I’m going to talk about the 2 Keys to an Unlimited Marketing Budget, In fact, you should NOT spend another cent on markeing until you master these two keys.

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