Follow this simple formula to increase your profits on every new lead or customer you get.  It will also insure that you maximize your ROI on each customer

What if you had a way to determine the MOST profitable ways to get new customers?

Imagine… you could focus more (all?) of your efforts on those methods and sources that were providing you leads and customers at a maximum profit margin.

Plus, you could stop spending your money on those sources that were not bringing you profitable leads and customers.

Good news!  It is not as hard or mysterious as you might think.

This is the second part of a simple profit formula of which a surprising number of small and even medium sized businesses don’t take advantage.

STOP!  If you haven’t already reviewed Part 1 of the profit formula, go to How To Determine If Your Advertising Is Making Or Losing Money… then come back here, where we pull it all together.

Part 2 Of The Profitability Equation

The second half of the powerful equation we want to explore here is called “Your Customer Acquisition Cost.”

If you know this number you are armed to make intelligent decisions on—

• Which lead and customer sources to increase… and which ones to decrease (or stop all together)

• Ways to increase your profit margins through increased efficiencies in acquiring customers (including possible economies of scale [like buying certain leads in bulk].
• Where to set your retail prices
• Ways to insure a solid ROI on EVERY lead and customer… and not inadvertently lose money.

Let’s face it.  It is sooooo easy to get excited about new leads and customers, and be busy, busy… but in the end have no real profit to show for your time and energy.

Do you really want to do that?  If you take a little time on the front end, you can be much richer on the back end 🙂

Let Me Show You How This Works

Watch the brief video below that explains—

1. The concept of your Customer Acquisition Cost
2. How to determine this number for each lead or customer
3. How knowing this number gives you a decided advantage in the marketplace.

When you watch the video, you will see why you can compete with even the biggest companies in your area… by working smarter, not harder, in your business.

This video is a visual explanation of an important concept found on pages 7-8 of the 15 Proven Ways To Grow Your Business.  Click on the link to download your free copy today.

If you will consistently implement this concept, along with part 1 of the formula (How To Determine If Your Advertising Is Making Or Losing Money), you will be ahead of the majority of businesses who are “too busy” (or ignorant) to use this powerful formula on a consistent basis.

Wouldn’t you rather work smart… not just hard?

For more great (free!) information and ideas on marketing your business, visit 2ndMileMarketing.com.

Author: Patrick McDaniel     Patrick McDaniel on the Web Patrick McDaniel on Facebook Patrick McDaniel on Twitter Patrick McDaniel on LinkedIn Patrick McDaniel RSS Feed

Pat McDaniel is the online marketing mad scientist at 2nd Mile Marketing.  (Sadly, no Igor on staff).  To get more free marketing ideas for your business, visit 2ndMileMarketing.com

Pat helps small-medium sized businesses attract… more leads/inquiries, better margin leads, and ultimately more customers or clients… by creating an automated online lead… View full profile

This article originally appeared on Marketing Insights by 2nd Mile Marketing and has been republished with permission.

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