A client recently emailed me that ‘121 meetings might be the sensible approach’ – we were strategizing about holding a press event in advance of a conference.
SMH (‘Shaking My Head’), I wanted to have a bit of fun so SCNR (‘Sorry, Could Not Resist’), I lobbed back a zinger that we should shoot for 122 meetings, figuring AFAICT (‘As Far As I Can Tell’), the client had inadvertently made a typo.
AWK (‘Awkward’). Brain freeze. He meant ‘1 to 1’.
I thought about adding a smiley along with the reply but TBH (‘To Be Honest’), if I see one more emoticon, FMCDH (‘From My Cold Dead Hands’)…you can fill in the rest here.
All of the aforementioned further elucidates what’s finally happened. Internet/text messaging slang has taken over the business world, for better or worse – so, to quote the Borg from Star Trek, ‘resistance is futile.’
AAR (‘At Any Rate’), I started wondering how certain Internet slang, acronyms and text messaging aphorisms have steadily crept into our daily lives. How did this happen?
AFAICT (‘As Far As I Can Tell’), lots of theories abound but here’s a favorite – Harvard sociology professor Steven Shapin noted a few years ago that... Read more
What’s the return on investment (ROI) of a loyal customer?
People ask me this question all the time. It’s a great question, and the answer is not as straight-forward as you might think.
The equation is much simpler for customer acquisition expenses and returns.
1 customer > 0 customers
It’s easy to exclaim: We’re winning! We’re on top! If we invest $5.00 in customer acquisition, and we get a customer for $19.99, then it’s easy to see we’ve quadrupled our investment. Yay for us!
The mathematics behind customer loyalty is messy. It’s much more difficult to calculate, there is no simple equation for how to get a solid figure, and it depends on factors that fluctuate, such as discounts. The fatal error, however, occurs when we ignore customer loyalty. You see, even if calculating the customer lifetime value (CLV) is too daunting, you can get still get a good idea of your customer churn rate.
For an excellent explanation and walk-through of CLV, check out this infographic from KISSMetrics.
Keeping it real, churn-style
Churn is a little easier to digest. For the sake of keeping it simple: it’s literally the number of customers you acquire versus the ones you happen to be losing. If you gain 100 customers in a... Read more