Maximise your ad spend and unlock the secret to lower acquisition costs right from the start to get More BANG for Your marketing BUCK
I'd like to emphasise the importance of testing in maximising marketing efficiency. The principle is simple: the cost of action remains constant regardless of the outcome. For instance, an advert costing $1,000 generating 100 responses means each response costs $10. If 5 sales result, the acquisition cost per sale is $200. Similarly, a $10,000 direct mail campaign yielding 20 sales from 100 responses sets the acquisition cost at $500 per sale.
The takeaway is that the expenditure on marketing efforts like ads or mail campaigns doesn't change with the number of responses or sales. This underscores the value of optimizing our marketing content through thorough preparation and testing. For example, improving an advert's copy could significantly increase its effectiveness without additional costs.
Jay Abraham's marketing strategies, such as creatively rephrasing offers in adverts, have proven to significantly enhance response rates and sales without increasing advertising expenses. This demonstrates the power of testing and optimisation in marketing.
It's not just about marketing. The principle applies broadly across business activities, including travel, meetings, and hiring. Better preparation can lead to more favourable outcomes without incurring extra costs. Therefore, it's crucial to test and refine our approaches to ensure maximum efficiency and effectiveness in all business endeavours.
In conclusion, let's strive to extract the highest value from every action by embracing preparation and testing, ensuring we achieve the best possible outcomes at no extra cost.
Wishing you success in all your ventures,
Peter Thomson
Check our my latest book here: www.thepaidboo...
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CHAPTERS:
0:00 - Marketing Efficiency Tips
0:07 - Action Cost vs. Result Analysis
2:02 - Importance of Marketing Testing
4:01 - Maximizing Marketing Results