How to build a business growth engine

Contents

Part 1 

What is a framework and why should I use one?

Simply put, a framework is a way to organise our thinking about a particular subject.

When we started pulling together our thinking about business growth, it was clear that there were so many moving parts that we needed to organise our thoughts on.

However, before we dive in, let's be clear - you don't have to use a framework - plenty of businesses have grown by just doing what they do or they've risen with the tide of a particular sector.

Another thing to say is that there is no magic wand, silver bullet, or growth algorithm that's going to fix all your problems. Growing a business is hard work and takes commitment and perseverance.

All that being said, having a framework or a mental map can help direct your thinking about business growth. It's more than likely that you'll have to prioritise some activities over others.

It can also help you identify where you need to focus your efforts. For example, if you already have loads of website traffic but aren't getting the number of leads you need, you might want to focus on website/landing page design, content offers, or form design.

If you're not getting the traffic to the website you may need to think about how to attract people to your site (using social, PPC, blogs, SEO).

Think. Plan. Do. Review

Nothing too ground-breaking here but a useful way to group together the different stages/phases/elements of business growth. We've broken this down into the four phases (Think, Plan, Do, Review) and discuss what's involved in more detail. 

A high-level overview of a growth framework. As your business grows, you may need more focus on a particular stage. For example, if you're bootstrapping your business, you need a vision (i.e. something you're aiming at) but you probably want to focus on doing stuff that gets you in front of prospects. As you grow and need more people, you're going to have to think about HR, recruitment and culture.

The Wellmeadow Growth Generator

In this framework, we have mapped out what activities are involved in the process of attracting total strangers to your business through to turning them into customers who become advocates. Under each stage there are examples of the types of marketing activities best suited to the task at hand.

 

This is the Wellmeadow Growth Generator which focuses on the "DO" part of the "Think, Plan, Do, Review" framework. This is our attempt to systemise marketing and sales activities within a structured process.

Part 2 

A vision for growth

The world we're living in is changing rapidly. What is working today may not be a solution tomorrow. In our experience, businesses who have taken a step back to look at their environment, look at the future, and look at themselves in an honest and robust way set themselves up well for future growth.

Without a clear vision of where are you want to be, it is very hard to align your sales and marketing efforts. You have to have a clear picture of where you want to be in 5-10 years.

So what is a vision?

For all the cynics out there, a vision is not that pithy statement on the poster blu-tacked to the kitchen wall. Your business' vision is a statement of the desired future state. It should provide a clear picture of what you want to achieve and the direction of travel.

A successful vision will help you achieve a number of things:

• It will motivate your team

• It will help create a sense of belonging and meaning (or purpose)

• It will help establish a standard for excellence

• It will be the bridge between the present and the future.

This is why it's worth taking the time to think through what your vision is. If you're serious about growing your business, you're going to need a motivated team who do amazing work, as well as believe in what you're trying to do and where you're going.

HOW DO I CREATE A VISION?

There are several different ways to create a vision for your business. There's no right or wrong but the important thing is to start writing it down.

Over the years, we've found that using the Collins-Porras framework works really well. From their study of hundreds of companies, Jim Collins and Jerry Porras defined a vision in terms of a core ideology (or a guiding philosophy) and an envisioned future (or tangible image of the future)..

Core values 

Collins and Porras define “core value” as a value  'so fundamental and deeply held that they will change seldom, if ever.' Think of these as the things as your organisational DNA. It's the stuff you'd do even if you didn't get paid for it e.g. be eternally curious (or something like that!).

Core purpose 

A core purpose should help employees understand what they are working towards and how their efforts contribute to the organisation as a whole. It should encapsulate the essence of why the business exists. For example, Nike's core purpose is 'to experience the emotion of competition, winning, and crushing competitors.'

Big hairy audacious goal

Collins and Porras found that visionary companies often have big hairy audacious goals. The goals should stretch and inspire, be concise and easy to understand. In 1954, Sony's BHAG was to

'become the company most known for changing the worldwide image of Japanese products as being of poor quality.'

It's  probably safe to say they've achieved this.

Vivid description

It should paint a picture with words of what the business will look like in 10-20 years. It should convey feelings of passion, emotion, conviction that will accompany the achievement of the goal.

OTHER THINGS TO THINK ABOUT 

There are loads of things to consider when you're growing your business. Here's a few key questions we ask our clients:

Team

• How much capacity have you got to achieve the vision within the current team?

• Do you have an idea of the skills you'll need on the team to enable growth?

• Have you got the right team in place to help you grow?

• Has everyone got clearly defined roles in the growth plan?

• Does your company culture help or hinder growth?

Technology

• Does your technology stack enable you to scale?

• How do your customers want to interact with technology? If data is digital gold, how are you mining your CRM (assuming you've got one!)?

• What type of investment do you need to make in technology?

• How will technology influence / change/ disrupt your industry in the next five years?

• Are there new entrants to the sector that are leveraging technology to change the game?

• Is your board aware of technologies such as web 3.0, NFTs, blockchain and how these things could impact your business?

Governance 

• Do you have good governance procedures in place?

• Are you having board meetings to agree actions and make decisions?

• Have you got the right/enough funding to finance the growth?

• Do the directors understand their duties and responsibilities? 

Part 3

Designing the building blocks of growth

Okay, so hopefully you've got a clear (or at least a little clearer) vision of where you want to take your business.

Unfortunately there is no magic wand to wave and just make it happen - it's going to take some co-ordinated effort to turn this vision into a reality. Sometimes, people who are looking for growth want to jump straight in and start doing things. However, an unstructured approach to your growth marketing efforts is going to result in potential difficulties in figuring out what does or doesn't work.

There are a few different things to consider before we start "doing" stuff (don't worry we'll get to that bit shortly):

Strategy - the most overused word in business jargon.

There is a common misconception that if you add the word "strategy" to another word, it suddenly makes what you're talking about sound more important.

That being said, having a strategic plan for growth is critical but it needs to be more than just fluff or a "once-a year" project.

The word strategy comes from the Greek word for a military leader who was called a Strategos. During a battle, the Strategos would stand on a high point in order to see what was going on. He would be receiving information about what was happening on the front lines.

The Strategos would also have various means of communication with the troops so that plans could change based on what was happening in the battle.

STRATEGY BREAKDOWN

Strategy is the link between the big picture and the detail. In his book "Good Strategy, Bad Strategy", Richard Rumelt defines good strategy as being simple and straightforward (we like that!). A growth strategy should have a clear results-orientated action plan to overcome a defined challenge.

He identifies three components that form the foundation of a good strategy:

1. The diagnosis

   Avoid just asking the question "what is going on around here?". Evaluate the data, look for trends, and examine all the available facts. List out your strategic ideas and develop a process to review, test, and critique them.

   
   

2. A guiding policy

   Once you've established your strategic direction (or intent), you need a framework to guide your team's actions and decisions. These could be informed by your company's values and purpose. A guiding policy will help signpost the way in which the strategy should be implemented.

   
   

3. A coherent action plan

   You know where you're going, you understand where you're starting from, and you know how you want to get from A to B. Now you've got to just do it! Building a coherent action plan involves allocating resources to do the right things at the right time to move you towards achieving your vision for growth.

OTHER THINGS TO PLAN FOR

Planning is not just about working out the strategy for growth. There's a load of stuff to put into the mix.

What are you going to do?

Okay, final bit about strategy (promise). Think about what types of marketing channels you'll want to use. Will you go for inbound or outbound marketing? Have you got budget or resource constraints? Does the business model make sense? A gap in the market doesn't mean there's a market in the gap...

A few things to think about.

Who are you doing it for?

Good question. You probably have a good idea about who your customers are, but we want to go deeper. Have you got detailed buyer personas? If not, you should think about how to collect more data so you can offer greater value to prospects and customers.

To automate, or not to automate...

There are many tools out there that can help you leverage the power of technology. This means you can automate processes and provide a better experience for you customers. For example, not everyone buys from you straight away, so using automated emails is a great way for staying in touch with prospects.

Combine this with buyer personas and you've got the ability to personalise content!

It does take a bit of planning to make it work right. What software will you use? How does it integrate into other business systems? Who's going to manage it? The list goes on!

SMART goals or dumb goals

You've hopefully got (or are going to have) an awesome BHAG. However, this will need to be broken down into more manageable goals.

If you've been around the block a few times you'll have heard of SMART goals. Specific, measurable, achievable, relevant, time-bound goals are the name of the game.

Setting goals is key to being able to measure the progress towards your BHAG. You can also link elements of your vivid description to goals/KPIs to help make these measurable. Remember, you manage what you measure.

Part 4

The stuff you need to know to help you grow...

This is the part that most business owners or leaders responsible for growth want to get on with. We get it. Who doesn’t want to start to see new leads coming in, new sales, and the anticipated growth start to be realised?

Again, to make this scalable (which is the goal right?), activity needs to be thought through for each stage of the buyer/customer journey.  To attract strangers to your website you will most likely need to do activities such as PPC, social media, SEO, and blogs. You can raise general awareness of your brand through podcasts, YouTube, and the list goes on.

However, once strangers are on your website what do you do with them? Not everybody is going to want to buy right away so how do you capture leads and nurture them through the customer journey.

Again, there is a tonne of activity that is required here. This is why we recommend to all of our high-growth clients that they adopt a solution such as HubSpot to help them manage all of this activity. Let the software do the heavy lifting and automate processes so that you can focus on adding value to your customers.

This part of the growth framework is all about getting stuff done. At Wellmeadow 'getting stuff done, excellently' is so important that it's one of our values. As Aristotle once said,

'what we must learn to do, we must learn by doing.'

 Remember, when it comes to marketing, not everything you try to do is going to work. It's OK to make some mistakes so long as you learn from them. This is why taking a structured approach to your marketing is so important.

Take a look at our Growth Generator process before we look in more detail at each stage of the process. 

Cast your mind back to your school science lessons. You've got your lab coat on and the Bunsen burner is ready to be fired up. But before you start the teacher asks you to write down your hypothesis. "What's one of those?" the class responds in union, so the teacher explains it's the idea or theory you're going to test in as part of the experiment.

You write down some stuff and then do the experiment (being careful to document each step), analyse the results, and write up your conclusion (e.g. Bunsen burners are great at making grilled cheese sandwiches).

Doing marketing isn't that different. You start with some ideas of what might work. You then design some campaigns and run some experiments (PPC ads to an A/B landing page), look at the results, and finally draw some conclusions as to what does/doesn't work.

A good benchmark is to spend approximately 70% of your budget on stuff that you know works and experiment with the other 30%.

HOW TO ATTRACT STRANGERS TO YOUR WEBSITE

Your efforts should be targeted at grabbing the attention of strangers to your business and building that brand awareness, that pulls them to your website.

Designing experiments

There are a load of different ways to attract strangers to your website. The key is to know who you are trying to target (remember the bit about buyer personas?) and to understand the content they want to consume.

Once you've got some good targeted content, you want to establish which way (or marketing channel to use some jargon) prospects might find your website. You could design one advert that you trial over different channels (e.g. LinkedIn, Facebook, etc.) and measure the response.

You could also A/B test different adverts on the same channel to refine your marketing message.

The key is to take a systematic approach to whatever you do and to only change one thing at a time (otherwise it's pretty hard to figure out what did/didn't work).

Tools for the job

Using tools such as Semrush can help you to understand what target audience are searching for (always useful). You can also use Semrush to analyse competitors, look at keyword ranking difficulties, or CPC rates.

Google Search Console and Adwords also offer great tools for finding out where your target customers are online.

HubSpot is a great tool for consolidating your social posts with the added bonus of being able to track a social click through to a deal to get that ROI data!

Some thoughts...

The average attention span is about eight seconds, which is what makes someone's attention one of the most prized commodities on the web. You have to make engaging, entertaining, and educating content. Where possible, re-use your existing content.

We helped a client turn one of their posters into an animated 30-second video which got significant interest on LinkedIn. Our experience has shown that video will generate 3-4 times the engagement (clicks, shares, comments, likes) on LinkedIn than a standard post.

HOW TO CAPTURE  WEBSITE VISITORS

You've attracted strangers to your website, now you've got to capture their details.

Designing experiments

The process of capturing website visitors details is one big experiment. You may have a reasonably clear idea of what might work but until you start collecting data it will be hard to be sure.

Landing pages can be used to create a highly focused web page designed to entice the visitor to part with their email address. This could be in exchange for an offer, discount, or some free content like an e-book.

Landing page design can be A/B tested in terms of call-to-action, design, offer type, form placement, etc. Again, the key is to document what you change and don't change too much at once, so that you can tell what the key drivers are for visitors giving up their email.

You can also experiment with form design to evaluate the impact of conversions based on the data you ask for (note - if you get too greedy for data, people may not complete the form so it's a bit of a balancing act).

Tools for the job

HubSpot offers some great functionality when it comes to Landing Pages with the ability to perform A/B tests easily.

They also offer a feature called "Progressive Forms" which means if the CRM already knows the visitor, a form can ask for new bits of information to help build up the visitor profile.

Other great tools are things like HotJar, which allows you to see a visual heatmap of visitor interactions on your website.

We've also used tools like Convert Calculator to help build interactive quoting tools designed to capture visitor information.

Some thoughts...

This is a critical part of lead generation. It's the point at which you are making the trade of content for contact details.

Don't ask for too much information too soon or you'll put people off. You can always follow your form fills/downloads with further emails via a "drip" campaign where you offer more content and get to know your prospects more.

Having good content is key to getting people to part with their email addresses, so make sure what you're offering is relevant and interesting, and that it adds value to your prospect. 

The Wellmeadow Growth Generator. 

HOW TO ANALYSE WEBSITE CONTACTS

You've captured their information, now it's time to understand who they are.

Designing experiments

This phase of the growth generator is not so much about designing experiments but more about organising your data. Doing this right will enable you to perform more targeted experiments as you move forward.

Once you have contact details in your CRM, you will want to organise them. Maybe you have different buyer personas, product/industry segments, or demographic information. All of these can be used to help you build a better picture of your prospects.

Depending on the CRM software you're using, you can build lists or group similar types of prospects who have shared interests. This gives you the ability to personalise content to your prospects depending on where they are in the buyer's journey, their market segment, or any other segmentation method you choose.

Tools for the job

Any half-decent CRM will allow you to build lists and group prospects/customers by interest. Our preference (if you hadn't guessed by now) is HubSpot due to it's powerful yet intuitive, easy-to-use interface.

HubSpot also has built-in AI that will give market intelligence at the company-level.

For more detailed information about prospects, LinkedIn Sales Navigator can provide useful insights (these can often be pulled into your CRM directly via APIs).

Services like Crunchbase can provide interesting information about a company's funding, competitors, and founders.

Tools like these help to build a picture of your prospects, which in turn enable you to focus your marketing more intentionally.

Some thoughts...

Analysis of website contacts can be quantitative and qualitative. Sometimes we have found that some of the best insights have come from trying to interpret the data as a story.

With a B2B client, we found that many of the new enquires/e-book downloads were coming from companies known to our client. However after further analysis, a pattern emerged that showed that whilst the companies were known to the client, the contacts (i.e. the person) wasn't.

A new generation of buyers were interacting with the business in new ways, such as on social media, which meant there was a need to build relationships (and trust) and demonstrate capabilities.

HOW TO NURTURE YOUR LEADS

A contact is in your CRM but they are not yet ready to buy - how do you keep them engaged until they're ready to buy?

Designing experiments

Old school sales mantras focussed on pushing people through the funnel. However depending on your business, you might have a sales cycle of months or years.

If you can't push an instant sale, how do you keep prospects (anyone who's interested) and leads (people who have a more defined need) engaged with you?  The same also applies to existing customers - presumably you want to stay in touch with them so that they buy again?

You need to keep a regular cadence of contact to stay relevant. Be interesting, be engaging, and don't be afraid to educate your leads.

The key to all of this is to produce content that they want to consume. This means trying various media, content ideas, times of day/week/month, personalising content, etc., to get people to engage. Overtime, you can refine what works and what doesn't to keep your leads engaged.

Tools for the job

Try to quantify your lead's engagement. Not to bang the HubSpot drum again but they have a neat way of adding a score to each interaction (e.g. e-book download, reading a blog post, opening an email). This allows you to start to measure how interested someone is in your product/service.

Given that email is likely to a primary way in which you nurture your leads, tools like HubSpot, MailChimp, Constant Contact are all useful for measuring engagement.

Some thoughts...

Experiment with various types of email format such as text only, thumbnail images, videos, etc. Think through what you want your leads to do if they click on a link - are they going to a landing page with more content or to a blog post, etc?

Some of our clients have set up procedures to follow up with the most engaged leads, such as personal email/provision of more content/LinkedIn connection. This needs to be done quickly as attention will wane rapidly, so automate this if you can.

HOW TO QUALIFY YOUR OPPORTUNITIES 

How can you tell when a lead is ready to buy?

Designing experiments

The point at which you start to qualify your leads/opportunities is typically the point where marketing will hand over to sales. This can often be a bit of grey area so it is worth defining what makes a marketing qualified lead (MQL). This could be a simple as when a lead gets to a certain number of interactions (you could quantify this using a system similar to HubSpot points) or it may be more nuanced.

It may take some trial and error to establish the right point to pass the baton from marketing to sales. This is where a good relationship between these departments helps as the feedback from sales (e.g. "this lead wasn't ready to buy") will help refine the process.

How you approach this is going to depend on a few factors, such as how many leads you have in your pipeline. If you've only got a few high-value projects, you might want to take a more personalised approach as you'll have the time and size of the prize to make it worthwhile. If you have lots of lower value leads, the qualification process may need to be more automated.

Ultimately, there is no "one size fits all approach" as you'll have to experiment, communicate, and iterate.

Tools for the job

Using a framework like BANT (Budget, Authority, Need, Timing) can be a useful for qualifying a lead. Budget - How much is a lead prepared to spend on your solution? Authority - Is the lead a decision maker (if not, who is)? Who will make the final decision? Need - Does the lead have an actual need for your solution? Timeline - How much time will the lead need before they reach a purchasing decision?

Some thoughts...

For one of our manufacturing clients, we helped them design an email that enabled them to identify where their leads were in the buyers journey. Being able to identify if the lead was in an awareness, consideration, or decision stage helped provide a level of qualification and distinction between marketing and sales activity.

HOW TO CONVERT LEADS TO CUSTOMERS

You've got your leads where you want them, now it's time to seal the deal.

Designing experiments

You've finally got to the point where you've attracted strangers to your website, got their contact details, analysed their needs, nurtured them with engaging content, BANT qualified them and now they are ready to buy. Well, almost - there's still a bit of work to do.

If your product or service offers a trial or a demo then there are numerous ways you could experiment with this step of the process.

Recently, we have started to move our sales presentations to be more web-based. This has enabled us to personalise content, keep it dynamic, and provide a more engaging experience.

Research has shown that using personalised videos in your sales emails can help significantly increase open rates and conversion rates. We have also experimented with tracking sales documents to see what a lead is reading before or after the meeting.

All of these insights can be used by your sales team to help give you an edge when it comes to converting leads.

Tools for the job

There are loads of options for screen recording your sales presentations such as Vidyard, Gong, HubSpot to name but a few. You can also create great presentations in Canva and screen record a message on it to your lead (personalisation always helps).

Using unique tracking codes or QR codes can also be useful to see when links are clicked. CRM tools like Salesforce, Pipedrive, and HubSpot are all great for keeping track of deal pipelines and monitoring lead activities.

Some thoughts...

When it comes to converting leads to customers, you're not going to win them all (unless you're amazing in which case come and work for us!). It's equally important to understand why you are not converting leads as it is to know what works. Consider categorising the reasons you're not converting leads (e.g. cost, quality, delivery). This can then help you refine your buyer journey, qualification process, marketing messages, and much more.

HOW TO DELIGHT CUSTOMERS AND TURN THEM INTO ADVOCATES

You've sealed the deal, but now the real hard work starts, turning your customers into part of your marketing machine.

Designing experiments 

It's often said that referrals are the best source of leads - there is nothing quite like a glowing recommendation to accelerate the building of trust in a business relationship.

How are you doing at turning your customers into advocates of your brand? Do you really understand why they buy from you? It's worth considering that even leads that don't convert can become advocates for your business.

Delivering an excellent service is the best way to delight your customers, but this should be a given. To really understand if your customers are delighted, consider using survey tools or even running a customer advisory board to get really detailed feedback on your performance.

Don't be afraid to ask customers for reviews and testimonials as these can be powerful social proof. Consider using social listening (i.e. monitoring social media) to see what customers are saying.

Tools for the job

There are a load of great survey tools such as Typeform or Survey Monkey that will integrate with CRMs. VideoAsk is another great tool that allows you to ask questions in video format and also get responses as videos. This can offer a much more personal approach than a survey.

Some thoughts...

Getting customers to become advocates of a brand is often overlooked. Most of the effort goes into closing the sale and then it's on to the next one.

However, with a bit of planning it is possible to design a process (which can be largely automated) that can follow up customer transactions with referral options, testimonial requests, and survey/feedback forms.

We've found that if you really want to see how your customers feel, you can run a customer advisory board. Getting a few select customers into a room and getting them talking about your business, can offer insights into how you can convert them from customers to advocates.

Part 5

This journey is following the data...

Once you have thought through where you want to get to, designed an amazing plan, and done a whole load of marketing, what do you do now? You need to review the data to work out what is going on, what’s working, what isn’t, who's working, and who isn't.

This is where having data really comes into its own. The quality of your data is likely going to depend on how well you've designed your marketing experiments. This is where taking a bit of time to think about and plan out what you're trying to do pays dividends.

Before we became HubSpot partners, one of the things that attracted us to the software was it's ability to capture data at every point of interaction with a lead right up to them hopefully becoming a customer (and beyond).

HubSpot helps you understand which PPC or social post leads someone to the website. You can then track them through their customer journey, seeing which website pages or assets they interact with, track the deals, and eventually allocate revenue to marketing efforts.

You now have insights into which part of your marketing efforts are making an impact on the top line. Finally we can answer the questions surrounding the effectiveness of our marketing spend.

But we want to take it further. Using machine learning and AI, we are helping clients understand their sales pipeline at a much deeper level. Reviewing this data with the sales managers can help them drive the right types of behaviour to maximise the conversion of leads to customers.

Whatever data you collect, you're going to want to have some form of feedback mechanism. This will allow you to learn from the data you collect and turn it into action-orientated decisions. When the data informs your thinking, you'll have a clearer growth strategy, and greater focus on the stuff you need to do.

DATA DRIVEN GROWTH

Here are a few pointers on what to consider when you're designing your growth metrics:

Pick Your KPIs Wisely

Don't just report on the standard metrics that come out of tools such as Google Analytics. Think through your business processes and really try to get under the skin of which actions really drive growth for your business.

With a SAAS company, working with the number of sign ups was important but it wasn't the key growth metric. Conversions from the free trial to the paid product was the key action that would leverage growth. In this example, it doesn't matter if you have a million sign ups a month if you're not converting them. Don't look at what other people are measuring, do what works for you but be brutally honest about what really influences growth.

Correlation vs. Causation

As the world gets more complex, it is increasingly rare that one variable is the sole influencing factor in an interaction with your business. Often, there will be multiple actions and influences on a purchasing decision. When looking at your data, be aware of the difference between correlation and causation.

Correlation is the statistical indicator of the relationship between two (or more) variables. For example, as the temperature outside increases, the ice cream van sells more ice cream.

Causation is the term used to describe the influence of one variable on another (think cause-and-effect). To continue our example, it might be that the temperature increase causes the increase in ice cream sales.

However, it could also be due to the "50% off ice cream on Friday" offer, or the fact that the ice cream van was in a more populated area. The point is to be careful how you interpret your data so that you don't draw the wrong conclusions and end up with ice cream on your face!

Data Visualisation

Not everyone likes to look at numbers in a table. Think about how you can turn your growth data into a story using data visualisation. Not only can this help uncover new insights, but it can also really help you to communicate your growth journey to staff, investors, and other stakeholders. Tools like Databox, Tableau, or Power BI are great for data visualisation.

This is an example data visualisation of some website data using Databox. You can connect up a load of different data sources and start to get a deeper understanding of your marketing story.

Beware of Vanity Metrics

Don't be flattered by large numbers - they have to mean something. Having loads of likes on TikTok or Instagram could be a good thing, but it could also just be a load of hot air. Your metrics have to have substance. They need to represent genuine behaviours of your leads and customers.

If one million people like your post on TikTok but never come to your website, frankly who cares? They are not potential customers. There may be some intangible benefits but how are you measuring these?

The point is to not get carried away with large numbers just because it's a large number. Think about what it means in terms of converting leads.

Growth Metrics

Here are a few terms that are worth knowing:

• Cost of Acquisition (CoA) - how much it costs to acquire a customer

• Lifetime Value (LTV) - How much value the customer is worth over the course of their relationship with you. Essentially it's the average transaction value multiplied by the number of transactions.

• Return on Investment (ROI) - what you get back from what you put in (see below).

• Return on Ad Spend (ROAS) - Particularly useful if you're using paid media or Google Ads.

  
  

What's My ROI?

So you want to know what your ROI is?

Here's a simple formula:

Return on Investment = Customer Lifetime Value/Cost of Acquisition

Remember that when you think about LTV - consider the gross profit rather than the sales.

TRY BEFORE YOU BUY (WELL SORT OF...)

We know that you don't want to part with your email address for rubbish content. We get it, we don't do that either.  That's why we've given you a sneak peak at our eBook in the video below.