Apr 4 • 🥳 Wins
2 ways to make more money from your community
- Find a cheaper way to acquire customers (CAC)
EX.
Ad spend is getting higher, so you niche down and improve your targeting to get your ads in front of the right people
Also, you improve your product so you get the benefits of positive word of mouth and referrals
2. Increase Average LTV -
EX. you sell 100$/M group
Most people churn on month 6
Offer annual pricing that's 6 months paid 6 months free
So it's 100$ a month or 600$ annual
You're losing your customers at month 6 anyway, so giving the next 6 months away free makes it more likely they will stick around for years 2,3,4+
This is for people that's here for the long game, if your here to pump and dump a community and make a quick buck don't worry about this :)
🖕(joke, btw) Don't do pump and dumps
I used to focus on just revenue
Now, all I care about is making my customers worth more and finding better ways to get them
Don't just build a churn machine where people leave after the first month, you have to go hunting for
new customers every month (it's a miserable existence) for me, anyways
To simplify
How to increase LTV:
- Raise prices/ have an annual offer
- Upsell, cross-sell, down-sell into other offers
- Decrease churn
- Improve your product - get reffeals and positive word of month
How to decrease CAC:
- Improve your offer
- Optimize your funnel
- Target better customers
- Word of mouth/referrals also helps
Hope this helps!
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2 ways to make more money from your community
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