When we created electrIQ marketing it was because we realized most people don’t understand how to use best practice Digital Marketing to effectively grow their online presence. And when I say effectively, I mean profitably enough so that you can keep doing it. The only reason anyone should be marketing online is if they have an accurate understanding of their cost per conversion and how that relates to the long-term value of the customer.
Cost per conversion and long term customer value are two highly regarded metrics in Digital Marketing, perhaps the two highest. If one of these go wrong your entire Digital Marketing strategy is irrevocably void. They tell you if make enough money to be profitable long-term, and because there are so many avenues in Digital Marketing, it can be hard to accurately find them.
For example: A store can track their Cost Per Conversion on a Remarketing campaign. Every customer that purchases does re-buy product an average of 4 times. This would make their cost per acquisition go down because the LTCV is a lot larger than they expected, which also means the marketing strategy is working.
Although, very often, there are people investing in Digital Marketing strategies but without a way to track long term progress. And I can tell you, it always comes down to two things – Cost per Conversion and LTCV….
Today there are THOUSANDS of sites that can be advertised on. Through one simple ad network, your advertisement could be strategically placed on sites worldwide that are catered specific to your audience. There are also an abundance of tools that leverage access into user tendencies, making it easier for marketing experts to be better than ever at their job. But the most important thing about Digital Marketing is that it’s multi-faceted, bendable and ever-changing, so just because one strategy didn’t work, or you randomly tried an advertisement campaign once on Facebook and didn’t receive any positive results, doesn’t means that there isn’t an approach that WILL work for you.
This is how we think about it: Chances are, your customers have smartphones (unless you are dealing with cave men/women). We just have to find the place (app, website) they visit on their phone often, and put something enticing in front of them. The part most people forget: track the cost to acquire customers long-term.
And we’d recommend the same advice for you. If you are unaware about up-to-date marketing technologies and have questions about how we track LTCV and Cost Per Conversion, please feel free to reach out to me at: taylor@electrIQmarketing.com.
Thanks for reading.
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Based out of Chicago and Los Angeles.
A millennial company.