[Music]  - Jeremy Adams here co-founder of  Unicorn Innovations and co-founder of Unicorn IQ which is the hat I'm wearing. And today I want to talk about one of  our favorite subjects to talk about it's  how we live our lives and how all the  people we have partnerships with a new  consulting with and do training for it's  something we stress all the time and  that's customer lifetime value and to  really just break down customer lifetime  value into three steps you know and I'm  gonna share those three steps but  actually let me backtrack you know customer lifetime value if you don't  know is pretty self-explanatory but it's  either in depending on how you calculate it at different businesses are different the amount of profit made over the  lifetime of a customer or the amount of  revenue which could be one purchase it  could be three months it could be three  years business models vary but it's the lifetime value either profit or revenue  that customer will give you and focusing  on the lifetime value is what typically  separates the eight and multiple a figure businesses and above and the six and seven figure business is an actually shooting this with like a crazy storm  going on right now so three steps. Number  one: stop worrying so much about your initial cost acquire customer you can't  be looking at random Facebook ads and  things seeing these four or five X returns and you're at a two X return and you're super mad about you can't scale  your campaigns at four X just we do a  lot of like high-level paid traffic consulting and you know our most  successful customers sometimes only are  only making a little bit of money around  a break-even sometimes even losing money  on that initial purchase but that's okay  because you want to pay a little more to  get a quality customer so don't worry so  much about your initial cost to acquire  customer and that leads them to number  two which is the reason you don't have  to worry about it that much is because  you have your long-term game. Your  long-term game figure it out  now, we spent weeks and weeks just for  our unicorn  cube rain coming up with a year-plus  automation of upsells for affiliate  products that we use internally and for  service providers that we use and you  know it's very value focused this isn't  just selling. Selling its we put videos  on how we use them in our business and  how they've been able to help us know we have a super long term focus you know if  you have a product of any kind you know  if there's a continuity option put a  continuity option in place or upsell the  continuity right if you didn't get it on  that initial purchase if there are  higher priced items you can solve that  customer that you offer great if there's Christmas specials if there's Easter specials break. You know this is an opportunity to build out your long-term  game if there's strategic partnerships  you can make with companies that offer  other products that sell to the same  type of client you have, great you know, figure out your long-term game so you  can make money off that customer for for  hopefully years to come and then again  you're not so much worried about the the  initial costs to acquire that customer. Number three and this one is is a very  important one and it's one of the the hardest ones that even sometimes  personally I've had challenges with the  last couple years have been different  and it's been huge in our success and  businesses value things like brand  equity and quality word of mouth in your  industry even though you may be  breakeven on that that that front end  and you you know may not be making as  much as you want long term yet you're  still trying to test things. You know when people are seeing your ads when people are telling their friends about how good your product or services there's so much value to that and  eventually that's gonna snowball to  additional opportunities for example we  run a lot of traffic to our unicorn IQ  Academy to our Facebook. Of course there are  days when we are not profitable and  we're really mad you know we're not like  we don't print goal here we do very well  we've had a lot success and we're  scaling really nicely now but we're not perfect but  from that brand equity people will reach  out and say hey we saw your ads we did  some research  would you like to partner up in this company of ours or hey would you you  know we're uh you know twenty million  dollar company we're looking to scale  250 million would you like to partner  with us and help us so there's there's  so many things outside of your initial  offer so many benefits you know we've  actually brought on some of our team  members because they loved our mission  they reached out do you have any  opportunities and we hired them and  they're great team members because they  just love their mission a level we were  doing so just value things like your  reputation and brand equity and all  those things that you really can't put  on a profit and loss statement. So  hopefully this was helpful  definitely reach out to me if you want  to connect any anybody with fulfillment dot com is awesome so we were always looking  to connect with people in that community  and thanks for watching!  [Music]

Jeremy Adams
Unicorn IQ

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