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How Businesses Make Money
Manage episode 348450974 series 3419254
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What is the purpose of business?
Some business owners want to build a community. Others want to leave a lasting mark on this world. And others want to create generational wealth. All those things are compelling reasons to be in business, but the sole purpose of a business is to generate profit. Businesses need to make as much profit as possible while spending as little money as possible to be successful - and there is no better way to do that than through effective digital marketing.
On today's episode, Ralph Burns talks about the sole purpose of a business and the role of digital marketing in driving the profitability of a business.
IN THIS EPISODE, YOU'LL LEARN:
00:00 Introduction
00:30 What is the purpose of a business?
01:24 Why businesses cannot exist without profitability
03:09 3 proven ways to grow your business
04:40 How to uncover your ideal customer avatar
06:08 Ways to increase customer's average order value
08:05 How to acquire more customers from ice-cold traffic
09:56 Customer Acquisition Costs and why it matters
12:00 How much are you willing to pay for a new customer?
LINKS AND RESOURCES MENTIONED IN THIS EPISODE:
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