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Welcome Bloggers

Before you implement a marketing promotion, do you take the time to calculate and consider Customer Lifetime Value?

If this term is foreign to you, or you just haven’t had time to deal with, it this article will give you a quick and dirty method to tackle it.

What is Customer Lifetime Value?
Customer Lifetime Value (CLV) is a formula that helps you arrive at the dollar value associated with the long term relationship of a given customer. You can actually determine how much a customer relationship is worth over a specific period of time.

It is a powerful tool, and can aid you in determining how much you should spend on user acquisition and advertising.
There are a number of articles and resources that discuss the method in depth, but we will walk you through the basics.

First, you need to know (or estimate) your customer’s average spending, order frequency and retention. At the most basic level, Customer Lifetime Value is calculated as follows:

CLV = (Customer Average Order) x (Number of Orders per Year) x (Customer Retention)

For example:

  • Customer Average Order = $50
  • Number of Orders per Year = 4
  • Customer Retention = 3 years
  • So, in this example, CLV = $50 x 4 x 3 or $600

While this is good to know, it will be even more useful if you use a bit more data such as:

  • Customer Acquisition Cost
  • Customer Retention Cost
  • Cost of Goods Sold

Suppose you spend $400 for a successful postcard marketing campaign that brings in 10 new customers. Using these numbers, the acquisition cost for those new customers is $40 each ($400 / 10).

Add the acquisition cost to the retention cost multiplied by the retention period. Over the course of the same three year period, your customer acquisition and retention cost will be:

Acquisition & Retention Cost = $40 (Acquisition) + $20 (Retention) x 3 (Years)

Therefore, the acquisition and retention cost for the life of that customer is $100: $40 + ($20 x 3). When this is deducted from the first calculation the Customer Lifetime Value becomes $500 ($600 – $100).

Finally, subtract the actual cost (to you) of the goods sold to calculate your profit.

Calculating CLV can get very fancy, taking into consideration things like churn rate (the value of future income) and changes in buying habits over the years. But if you start with the basic formula outlined in this article, and adjust your spending based on the numbers, you should see an improvement in your bottom line. You can add more complexities as you become more comfortable.

Resources
http://blog.kissmetrics.com/how-netflix-measures-you/
www.dbmarketing.com
http://www.zeromillion.com

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General Interest, Invitations, Postcards, Rack Cards, Welcome Bloggers

Now that those year-end holidays are behind me I’ve got my sights set on the next big holiday.  Well, it’s not exactly a holiday, but it rivals New Year’s Day and the Fourth of July for sheer festive celebration.  I’m talkin’ about Super Bowl Sunday!

There’s nothing like hanging out with friends, brews, and a wide screen TV.  Who’s playing? Does it matter?  It’s a party, and rumor has it that we might even be graced with a Gangnam style commercial by our favorite global sensation, Psy!
SuperBowl_Invites_1v1-2
I’m definitely in the mood for a party, so I thought I’d try my hand at designing my Big Game invitations.  I’ve got a few Read more

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Welcome Bloggers

The victory of success is half won when one gains the habit of setting goals and achieving them.
Even the most tedious chore will become endurable as you parade through each day convinced that every task, no matter how menial or boring, brings you closer to fulfilling your dreams
.”

How can you ensure that the goals and resolutions you set today will not be forgotten in 30, 60 or 90 days? How do you know that the goals you set are even realistic and tangible for you?

Overnight Prints wants to support you in setting and attaining your New Year’s goals. And we’d love to hear your stories along the way. Therefore, we’ve included a link to a practical goal setting worksheet, (at the end of this article).
And we’ve compiled a list of “commonsensical” techniques for you to incorporate before and during your pursuit:

  1. Limit the number of goals you set to a few. Choose between one and three accomplishments that you are absolutely passionate about. If you try to do too many things at once, you will be set yourself up for failure.
  2. Write down your goals. Research suggests that people who write their goals down are much more likely to achieve them.
    Create a daily or weekly action plan. Keep track of your progress along the way.
  3. Cultivate a small support team. Avoid shouting your goals to the world. There are always naysayers out there waiting to discourage you. Instead invite one or two trusted advisors into your goal setting plan. These people should serve as sounding boards and mentors. Choose people who you have watched set and achieve similar goals.
  4. Don’t sweat mistakes – keep pushing forward.
  5. Re-evaluate as you go. Don’t be afraid to revamp and make adjustments. This will help you set yourself up to succeed.
  6. Have self-compassion: it’s okay to have setbacks and obstacles. Just don’t give up.
  7. Keep your goals and statements positive. Instead of saying, “I am going to stop trying to wear 25 hats as a small business owner”, try “I will ask for three referrals and hire a contractor to help me with SEO and marketing”.
  8. Check with a mentor to determine whether you have bitten off more than you can chew. If you have, scale down accordingly.
  9. Once you have a clear vision of your goals and how you will achieve them, create a vision board. Do this electronically or manually, with magazines and cardboard. Pinterest is a great tool to help you create customized electronic vision boards.

Consider the following factors, and how they might affect your progress:
Ask yourself:

  • When I accomplish my goal, what will it mean to me? How will my life be different?
  • What area of my life will it affect (financial, relational, health, etc.)?
  • Who else is involved-Can another party prevent me from attaining my goal? If so, how can I counteract this?
  • How much time will it take-daily, weekly, monthly, overall?
  • Am I passionate about it?

Here are some examples of realistic and attainable goals:

  1. I will hire a contractor to help with graphic design as needed.
  2. I will update my website-specifically I will change the copy on the home page and add a coupon engine to the checkout feature.
  3. I will do 4-5 postcard campaigns this year.
  4. I will do three things for myself every day.

If you are passionate about the goals you have set, and follow these tried and true techniques, you will succeed.

Download this customizable goal setting worksheet to help you get started.

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Welcome Bloggers

Are you an introverted entrepreneur? Does the thought of networking, cold calling and lead generation make you nauseous? If so you’re not alone.

Being an introvert can actually be an asset in the world of marketing and networking.

Although meeting, greeting, and delivering elevator pitches might not be your forte, your natural style has equipped you with a wealth of powerful tools. You just might not have recognized them yet.

Your inborn reflective nature can make you a rock star marketer:

It is a fact that most introverts cringe at the thought of mingling in a room full of strangers. Introverts prefer written communication to verbal, and many excel at networking online. Social media, videos, and blogs have taken the sting out of walking into a room full of strangers.

But the best kept secret about being an introvert is that since you have a natural tendency to observe people, you are a great listener! And you are able to connect with others in a more authentic way than others.

Typically introverts connect on a deeper level much faster than their extroverted friends. Unlike extroverts, who think out loud, introverts ponder and analyze ideas. In fact some of Silicon Valley’s most brilliant brainiacs are introverts.

Introverts are excellent listeners. This is where you have a strong advantage.

If you are a bona fide introvert, challenge yourself by making a commitment to attend one or two networking events each month. But instead of feeling dread, go with the intention of connecting with two or three people. Inquire about their children, hobbies and passions. With this approach you won’t feel so much like a fish out of water. You’ll stay in your comfort zone by listening and observing. They will get to talk about themselves and the activities they love. This will naturally lend itself to an authentic connection.

If you want to further enhance your networking, take advantage of print marketing. Create elegant or unique postcards or business cards. They’ll serve several purposes: act a conversation piece, and help you introduce yourself.

If you are an introvert, we want to hear from you? What strategies have you discovered that help you “hide” yet showcase your natural talents?

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Welcome Bloggers

If you are considering a postcard marketing campaign, your timing is right on! Recent trends coupled with a number of credible studies reveal that more and more businesses are turning to print marketing, and consumers are beginning to lose their apathy toward print mail. This post explores that trend and the reasons behind it.

In the era of emails, blogs, tweets and likes, snail mail, (especially postcards) is making a comeback. Business owners and managers are incorporating print marketing into their campaigns more often than not, for a number of reasons:

Affordability: Even the smallest of businesses can afford to create and send postcards.

Flexible timing: If you design several versions of your postcard mailer, and print enough for a full year, you can be spontaneous and flexible about the timing of your mailings.

Professional designs: Most online printers offer a wide variety of pre-made professional design templates Overnightprints.com has a design for every occasion whether you own a pet-sitting business, floral boutique or are a bride to be. And new designs are introduced throughout the year.

Durability: They last much longer than plain paper because they are printed on high quality, durable glossy paper stock. They’ll hold up longer when slipped under windshield wipers or stacked on a self-serve counter.

Guaranteed delivery: It may take a few days to arrive, but mail almost always gets delivered. That is not the case with emails, considering the high bounce rates and spam filters.

Non-intrusive: Postcards don’t interrupt people while they are at work, or dinner, and they don’t clutter up the inbox. Consumers retrieve postcards from their mail boxes when it is convenient for them, and unlike letters, they don’t need to be opened.

Fifty percent of U.S. consumers prefer direct mail to email, according to a study released by marketing services firm Epsilon. The study also found that one-quarter of all U.S. consumers said they found direct mail to be “more trustworthy” than email.
–Direct Marketing News–

Traffic generators: Consumers can certainly print and bring in an email coupon, but that takes more effort than holding on to a postcard.

Postcards are Memorable: Business owners and consumers get hundreds of e-promotions. A traditional postcard stands out, especially a well-designed or oversized card.

There’s almost no limit to the benefits of postcard marketing. If you aren’t yet convinced of the unlimited benefits of postcard marketing, do this simple experiment:

Go to www.overnightprints.com and select postcards

  • Choose a pre-made design that is relevant to your business
  • Write a short but compelling message. Try something like “buy one get one free” or “we will pay the sales tax through the end of the month.
  • Include a deadline to create a sense of urgency.
  • Measure the results.

Resource:
http://www.yudkin.com/postcardcourse.htm

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