How much does it cost you to acquire a customer?
Imagine you are on Dragon's Den and one of the dragons has just asked you this question.
Would you be able to answer it?
Why do they want to know the answer to that question?
Once you have got through that question, the next will often be...
And the average customer value is....?
Again, would you know the answer to that question?
Here's why they need that information....
If you know that the average customer spends £100 when they visit your store, the product costs you £50, then you can spend up to £49 to get them in and still be profitable.
If your average customer is worth £100, same product that costs you £50, but it costs you £70 to get them through the door, it doesn't matter how many new customers you get, that's a business in trouble.
With me so far? Great!
So the question now is.... What do you need to do to get those customers walking through the door? Or buying from your website?
That's where the funnel comes in....