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MapleRipple's

BETWEEN THE DEVIL AND THE DEEP BLUE SEA

 
 
 

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Cost of acquisition  

2012-06-11 12:06:34|  分类: biz insight |  标签: |举报 |字号 订阅

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Cost of acquisition - Tony Wong - MapleRipples
 

English going downhill as I started to read Chinese language magazines. Some some magazines are really worth reading through. I bought a magazine called "Business School (商學院)" which offered stated-of-the-art business insights and  hands-on practical business solutions. One example is that in the latest issue of Business School, an amazing equation was explained - Customer Value Equation.

Customer Value = (benefit + process)/(price + cost of acquisition)

Why is this equation good for marketers? Simple, we all know in order to sell more, we gotta show the benefits of our products, also, we gotta make the process of transaction smooth and full of happiness. But other ways of enhancing customer value is to reduce the price. We have stickers prices, and we cunningly lower the "sticker price" to let customer feel the price is actually reduced. This is one old trick. But we really got to look into the negative effects on brands if this trick was discovered. This equation, however, offers one good reason for "honest discount", and that is to cut the cost of acquisition.

One example offered to explain this was a good soft drink in sweltering heat, but 60 miles away. Though the drink is inexpensive, but how many people would drive 60 miles for a drink?

We need to put this equation into greater perspective, put it into practice. First hand, in your business, is your customers going through great length or great trouble just for a product 50% off? How can we ease the pain? I think, the Internet might be the savior for all bad-lucked marketers. Share with me your ideas!
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