Too broad to work with. g company executives/leadership need to set. This is why we need specific goals, KPIs and targets. Without getting into too many details, goals could be defined as specific strategies geared towards accomplishing an objective. For example, if your objective is to “grow your law firm,” a good goal derived from that would be to “generate client inquiries”. Another one would be to use the website to get client referrals. When you have all this defined, you need to set KPIs. They are simply metrics that help you understand how are you doing against your objectives. For this imaginary law firm, a good KPI would be the number of potential client leads. After you set targets for your KPIs, you have completed your measurement framework. To learn more about measurement models.

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These will be the numbers that you or your client should care about on a day to day basis. Lifetime Customer Value And Cost Of Customer Acquisition Regardless of size, every local business needs to know what is their average lifetime customer value and the cost of customer acquisition. You need to know these numbers so you Germany Phone Number List can set your marketing budget and be aware if you are on the path of going out of business despite acquiring lots of customers. Lifetime customer value (LTV) is revenue you expect from a single customer during the lifetime of your business. If you are having trouble calculating this number for your or client’s business, use this neat calculator made by Harvard Business School. Customer Acquisition Cost (CAC) is the amount of money.

You spent to acquire a single customer

The formula is simple. Divide the sum of total costs of sales, marketing, your overhead, with the number of customers you acquired in any given period. LTV & CAC are the magic numbers. You can use them to sell Internet marketing services, as well as to demonstrate the value of investing heavily in Internet marketing. Understanding and using these metrics will put you and your clients ahead of most competitors. Stop – It’s Budget Time Now when you have your business objectives, customer BRLists cquisition costs and other KPIs defined, and their targets set, it’s time to talk budgets. Budgets will determine what kind of local Internet marketing campaign you can run and how far it can essentially go. Most companies don’t have a separate Internet marketing budget.