So a few months ago, a good marketing mate of mine sent me a message and suggested we attend the ClickZ Live marketing conference, in Bangkok this November (2015)
I agreed right away.
He paid, then billed me for 11,000++ Thai Baht…ouch!
So like every decent husband, I didn’t tell my wife how much I’d just spent! Plus I don’t think dead people can attend so I just didn’t mention it.
Anyhoo, as promised, I just wanted to share just two of my key take-aways from the event. It was an awesome day, with some very insightful speakers.
Some of these guys are running multiple-million-dollar businesses, so these are the guys to listen to. Here’s some of the key points from the day.
Hope you get to apply some of these things to your business too!
2 Take-Aways From ClickZ Live, Bangkok
- Customer Lifetime Value
Have you ever sat down and worked out, exactly how much a customer is worth to you, over his or her lifetime?
It sounds obvious, but most people think of immediate profit, rather than the long-game that I guess we should all be playing. One of the speakers at the event, founded one of the biggest ecommerce sites here in Thailand, and he’s happily “LOSING” an eye-watering 30 million baht or so a month. Bit of a crappy business then!
Well, this guy understood that in a few years time, his loyal ecommerce customers would then buy from him out of habit and trust. Then, he can think about regaining his lost profits, once he’s cornered the market. Pretty genius if you have the guts…and money to do that.
But for small and medium online businesses, you can still apply the same principals to a certain degree. Once you know your customer lifetime value, you can then work out how much to spend bringing them in and retaining them as your customer.
You send paid traffic to your offers, at the cost of $20 per customer. Your profit for 1 sale, is $10, so initially you have lost money.
However, if you calculate the lifetime value of this 1 customer to be $100, you’ll still profit long term; just not on that first sale.
This is how the big guys like Starbucks and Amazon run their businesses, and us smaller guys can do that too.
Here’s a nice infographic that explains the formula you need to work that out.
- Work Out Your Objectives On Social Media
The first speaker at the event, opened with social media marketing. One of his main points of the talk, was about the “number game” people play wth Facebook and Instagram etc.
How many followers, likes, shares etc etc, and actually how meaningless that all really is. I mean a million likes on a page where no one leaves comments, is as good for your bottom line as a page with no likes at all.
He also said that “brand awareness is an excuse for social media marketers who don’t know what they’re doing”. Sounds a bit harsh, but I think he’s right. A million likes might create brand awareness, but if you don’t have clear objectives that lead to bigger profits, what’s the point?
On that note, I bought this book on the kindle the other week. I totally recommend it.
Summing The Day Up
Overall, an awesome day and totally worth the money. If you have a chance to go to one of these types of events, I highly recommend it.
Maybe you’re already booked up to an upcoming event? Or maybe you attend these sort of things regularly. How was it?
Anyway, so thanks for reading and let me know if you want me to share anything else about the day. Thanks again guys- will catch up with you again soon!