Because a number of smart entrepreneurs realized the importance of lowering CAC, they created new business models such as Open Source, SaaS, Freemium, etc. What the sheet shows is that each customer is costing you $100 in just lead generation expense. Yes, business size matters when determining customer acquisition cost. The only thing that you have to consider is can you monetize your customers at a higher level than the cost to acquire them. Because marketing typically is the largest portion of your CAC and more flexible than production costs, reducing marketing costs is the fastest way to reduce your CAC and achieve a healthier ratio of spending to earning. This can be a calendar year, a particular campaign, or even a single week. For example: The toughest business models are those that employ expensive field sales organizations. Larger companies (think Shopify or Forbes) often publish articles daily or multiple times per day. 78% of Americans discover new products through Facebook and 30% of marketers believe it has the highest ROI of all digital ads. Some popular customer acquisition channels include: Instagram: Visually attractive posts and short videos. Facebook: Live video streaming, one-to-one messaging, advertising. Dynamic Search Ad headlines and landing pages pull content from your website based on what a person was shopping for. To increase brand awareness. Best of all, unlike many other customer acquisition strategies, with referrals, there are no customer acquisition costs until you make a sale. Improve ROI 13x by prioritizing blogging in your marketing strategy. You've successfully subscribed to StartupTalky. Once others started to see the success these companies were having, they started copying the techniques. 1. - Jeff Klubeck, Get A Klu, Inc. 13. Drive quality traffic to your website. The cost of convincing a potential customer to buy a product or a service. Many times this requires that you prime-the-pump, as most resellers wont sell a product until they see clear customer demand. . Not only are referrals warmer leads for you to acquire, but they are also likely to invest more in your. Dropbox now has over 14.3 million customers and has continued to use this referral program to drive customer acquisition for nearly a decade. Factors affecting success and failure of seed capital/start-up negotiations. Again, we don't need a ton of detail, we just need an overview of how we will initiate and develop these programs over time. What is a good CAC ratio? If, however, you find that your CAC is consistently higher than the money your new customers spend, then you may need to look for ways to reduce your CACwhich usually means evaluating your marketing costs. Develop A Process For Requesting Referrals. This process starts with having excellent customer service by putting the customer first. In other words, if the costs to extract money from customers can be reduced, the companys profit margin improves and it makes a larger profit. Sorry If you're not sure of what your budget should be, ask yourself what the least amount of capital would be to get started, and then start figuring out which costs would escalate over time. - Thomas Frank, Ascend Coaching and Training, 8. Building an online business without utilizing analytics is like driving with your eyes closed. This ultimately keeps their CAC within a reasonable range. I agree with Marcs view that product/market fit is extremely important. We have to think of each channel as a new customer to be acquired, so when we present this customer acquisition strategy to investors they are going to want to know how we will scale this. LTV measures how much income a customer is expected to bring to your business during the whole time they have a relationship with your business. Gross Margin should take into consideration any support, installation, and servicing costs. Check your inbox and click the link. The lowest-cost customer acquisition is always through referrals. Here is a list of the most popular Chatbot SaaS Tools for your website and other platforms - Chatfuel, Chatbot, Botsify, Zendesk, and many more. Every email is marketing, whether it's the outbound emails we load into our sales force automation or the responses from our customer success team. Customer Acquisition Costs by Industry Personalize at every stage of the buyer journey. Continuing in Phase Three of a four-part Funding Series: Part 6 - Customer Acquisition (YOU ARE HERE ). The earlier you work on this the better, as many of the best techniques require you to build your product differently. Create a communication plan to keep conversations going with your customers regularly. An essential part of maintaining a viable customer acquisition process is making sure that the channels and tactics you choose are working for your company. They can determine a companys profitability by looking at the difference between how much money can be extracted from customers and the costs of extracting it. Think of them as ballpark figures rather than precise numbers. Leverage Technology To Stay In Touch With Customers. The key to generating predictable profits with this strategy is to build the request directly into your sales/customer service process so that it happens deliberately and consistently with every single one of your customers. When it does happen, the associated businesses are usually extremely attractive, provided they have a way to monetize their customers. You could also raise the price of your product or reduce your overhead, called cost of goods sold (COGS), by using less expensive materials or moving to cheaper office space. An oft-neglected metric, its key to optimizing return on marketing spend. Engage Employees In Customer Retention, While customer acquisition costs typically sit with the marketing department, the responsibility should be shared among all employees. You can identify your highest-value customers' different traits and behaviors, which you can use to invest more or less in the best customer acquisition channels. The two ways to reduce that number are: Spend less on marketing while still earning as many customers. ", No one expects you to have all the answers immediately, so focus on explaining your approach to finding the answers.Recognize that spending time and money to calibrate your marketing spend is a very reasonable approach that investors should definitely appreciate.. Other advantages of inside sales people is that they are far more efficient due to remaining in one location, and can contact more people in a typical workday. You've successfully signed in. Customer referrals are the cheapest way to reduce acquisition costs, but they dont happen overnight. The first party includes outside, early-stage investors who use it to analyse the scalability of new Internet technology companies. Think of that as two equations: Once you have proven out the business model, hit the accelerator pedal, and invest as much as you can afford. For the purposes of our pitch deck, our demand creation strategy only needs to highlight what percentage of our target prospects will be coming directly, as there is no hard cost associated. CAC formula The expenses can be: Paid ads campaigns (search, display advertising, social media) Offline marketing campaigns SEO & content marketing expenses Sales team salaries and commissions In the many thousands of articles advising entrepreneurs on what they have to focus on to build successful startups, much has been written about three key factors: team, product and market, with particular focus on the importance of product/market fit. Social media may be free to start, but there is often a cost associated with it that we will blend into our overall Customer Acquisition Cost (CAC). The second is the conversion of those leads to customers. I have seen this cost vary from around $400 to $5,000 per customer acquired, depending on the level of touch needed. If its closer to 1:1, youre spending too much money. This is why companies look at customer acquisition cost, or how much your business spends to gain each new customer. Make sure that you have an effective lead flow and that you are tracking conversions separately. Jordan Ehrlich, Knowing if you have a good customer acquisition cost can be hard. What is a customer acquisition cost (CAC)? With certain complex products, this will need an on-site installation by a sales engineer, which sends costs through the roof. They help keep your ads relevant, save you time, and increase conversions for your ads. Support customers across email, live chat, and more. Decide what period of time youd like to examine. Channel sales models usually only work when the company commits to them fully, and passes all orders through the channel, so be prepared for the loss of margin this will represent to your current order flow. 800+ stories, thousands of founders, and millions of visitors. Consider every possible way to minimize this. One of the most common B2B lead generation channels is email marketing. - Michela Quilici, MQ Consulting and Business Training, Inc. }); Startup Killer: the Cost of Customer Acquisition, The Pmarca Guide to Startups, part 4: The only thing that matters, How Sales Complexity impacts your Startups Viability, The ability to monetize those customers, or LTV (which stands for Lifetime Value of a Customer), Conversion rates at each stage of your sales process, LTV > CAC. Yes, you got it money. In fact, the social platform already has 80 million business pages online and numbers dont seem to be slowing down. However, profitability lies in customer retention, not customer acquisition. Not only are referrals warmer leads for you to acquire, but they are also likely to invest more in your products and services. Founders with limited funding face a multitude of challenges and it's often hard to dedicate resources to gaining new customers. Tracking your customer acquisition cost can give you a window into your businesss efficiency. If you're not quite sure how you'll use these channels to increase market size just yet don't worry. By measuring customer acquisition metrics such as customer lifetime value (CLV), monthly recurring revenue (MRR), customer acquisition costs (CAC), and churn rate, you can create a strategy that aligns with overall business goals. Once you have your marketing spend and new customer totals, simply divide your marketing costs by the number of new customers. Customer acquisition cost varies significantly by industryhere are some annual average customer acquisition costs broken down by industry, based on data Shopify collected in 2021. Photos courtesy of the individual members. If you want to reduce your customer acquisition cost, there are several ways to do it. Measure and improve your strategy. It depends. It doesnt take a genius to understand that business model failure comes when CAC (the cost to acquire customers) exceeds LTV (the ability to monetize those customers. Give your client hope and positivity, but most of all deliver on your promises. If you create a great experience for customers from first touch, you wont have to constantly spend so much money on new customer acquisition. Note:medians were calculatedtoomit campaigns with unnaturally high/low CACs. (Source: Propeller), Paid searches are advertisements your business pays for to be displayed under the sponsored listings of a search engine. A common scenario is an entrepreneur that has dreamt up a cool new service that they can offer via the web. Customer acquisition cost (CAC) is the total cost involved in getting a new customer, including marketing, research, sales, and product cost. Feb 14, 2022 6 min read I'm sure you know that your customer acquisition cost (CAC) is the price you pay to convert a lead into a customer. Typically, the majority of your CAC is marketing spend, though production and labor expenses contribute to the total. Get more clicks than pay-per-click advertising. Too often, executives are reluctant to make the ask and fear they might be putting a current customer in an awkward position. Customer Acquisition Cost (CAC) is how much money you spend in sales and marketing to acquire one new customer. Journal of Business Venturing, 4(2), 149-158. The simplified customer acquisition cost calculation, which assumes that marketing costs are the bulk of your overall acquisition costs, is as follows: Total Marketing Spend / New Customers = CAC. Great! the searches they conduct along their path to purchase and the content they're interested in consuming. A company's CAC is the total sales and marketing cost that go into earning a new customer over a specific period. Find a niche or business idea and get started, Practical steps for starting a business from scratch, Learn the 11 steps to starting a business, Start a business selling in-demand products, Everything you need to know about selling t-shirts, Sell customized products without holding inventory, Learn about dropshipping and how it works. Startups is the world's largest startup platform, helping over 1 million startup companies find customers, funding, mentors, and world-class education. Its hard to find the gaps in your customer acquisition process without direct feedback from your customers. Use of a free trial, where the customer can easily download, or use a SaaS version of the full product to see if it works for them. Any remotely savvy investor who is interested in the solution you've created is going to "lean in" when it comes time talk about customer acquisition. CAC is calculated by dividing marketing expenses by the number of customers acquired in the period the money was spent. From welcome series to post-purchase follow-ups to rewarding customers with special promotions, you can connect with thousands of customers quickly and easily. We'll discuss customer acquisition channels in more detail a little later in this post. We will then scale in Year 2 with a more optimized spend, targeting a Cost per Sale of $15. Paid social: Short, snappy ads with compelling visuals. They come packed with features to help you get sign-ups, design emails, collect data, segment customers, measure success, and more. Understand their needs, pain points and jobs to be done. Think about your own behavior: if you are like me, you hate having to deal with sales people, and greatly prefer to do your own research starting with search engines, and leveraging free trials, on-line videos, blogs, reviews, and your social network. However after closely watching several hundred startups that have failed, I observed that a very large number of these had solved the product/market fit problem, but still failed because they had not found a way to acquire customers at a low enough cost. - Sandra Hill, New Horizen Coaching & Professional Growth Advancement. Whats a good CAC? Try Shopify free for 3 days, no credit cardrequired. However, the results from SEO are worth your time. To make planning easier, weve highlighted some best practices youll want to consider when creating a customer acquisition strategy: Choose your customer acquisition channels. . Some other reasons to use email marketing are: Its easy to start. Customer acquisition cost (CAC) is the cost incurred to acquire a new customer. Customer acquisition is the process of getting potential customers to buy your products. Through well-written content and a simple SEO strategy, the company continues to acquire new customers from search engines. Simply enter in a topic or phrase you think your customer is interested in, and find out how these consumers navigate the internet - the searches they conduct along their path to purchase and the content they're interested in consuming. There are a handful of common key metrics marketers use and investors expect to see in a pitch deck some of which may not apply to your situation. Get On Page One With This SEO Checklist, Rethinking Acquisition: How to Market a Product to Your Existing Customers, Shopping Ads on Google: What Every New Seller Ought to Know, Shopify Markets Pro: 10 Ways to Optimize Your Store After Activation, Its Actually a Great Time To Start a Business (No, Really), How To Make Money On TikTok: 8 Proven Ideas (2023), What Is Affiliate Marketing? They spend only $2.00 acquiring a new customer with a lifetime value of $2,000. In the meantime, start building your store with a free 3-day trial of Shopify. You can calculate CAC by dividing all the costs spent on sales and marketing by the number of customers acquired during a time period. Most of the public companies like Salesforce.com, ConstantContact, etc., have multiples that are more like 5 x CAC. Start a free trial and enjoy 3 months of Shopify for $1/month on select plans. According to a 2017 CMO survey, businesses spend over 11% of their total company revenue on marketing. - Paul Silitsky, Paul Allen Career Advisory Group. Unfortunately this same attribute can also lead entrepreneurs to believe that customers will beat a path to their door to purchase the product. If you feel that you have a high customer acquisition cost, the simplest ways to reduce it are to cut your marketing spend (either by decreasing your marketing efforts or shifting to a more organic marketing strategy), raise the price of your product, or reduce your cost of goods sold or your overhead expenses. For ecommerce businesses, give them a fair discount on their first purchase. Customer retention takes place after purchase as you try to keep new customers around for an extended time. Its not hard to prove your marketing efforts are working. LTV quantifies the income a customer brings to your business for the duration of their relationship with it (called the average customer lifespan). Customers are the lifeblood of any business. With marketing automation software like ManyChat, you can create integrated, cohesive shopping experiences across your customer touch points, including email, text, Facebook Messenger, and push notifications. If you have the means, hiring an expert in email marketing can pay off. Customer Acquisition Cost Function. To start calculating your customer acquisition cost, youll need a few numbers from past marketing campaigns. DemandJump Inc. Its an easy way to create interactive experiences for potential customers and maximize your ad spend versus traditional methods. You can send sales or discounts for your products or services, exclusive content, customer features, and other promotional campaigns. Improving marketing efficiency all comes down to identifying the most important moments to reach consumers and eliminating non-essential marketing spend. These new business models focused heavily on how buying behavior has changed because of the power of the web. Search engine optimization is the process of tailoring your website content to boost rankings on Google or other search engines. My advice to entrepreneurs working on a new business plan is to build a model similar to those above to estimate the cost of customer acquisition. What is a Good Customer Acquisition Cost? Youve probably come across them before for professional services or online stores. As a VC, I have sat through many presentations like this, and in most cases the service is actually interesting and compelling. Consider the cost of not acquiring new customers. August 19th, 2022 | By: The Startups . That costs money. Metrics on all aspects of the customer acquisition process to find out what can be improved. All of these figures are for ecommerce brands with fewer than four employees. We're largely estimating now, but once we get some marketing automation setup and begin a true lead nurturing lifecycle we'll be able to provide (and update) better information in our customer acquisition slide. Discern what a high-quality relationship (not just a customer) is before you take a broad approach. Beefing up your referral and loyalty programs is the best place to start. Each time you send an email, your customer gets a notification. - Dan Swift, Empire Selling, The fastest way to reduce new customer acquisition costs is to directly ask current customers for referrals. But a good way to benchmark your CAC is by comparing it to Customer Lifetime Value (also known as LTV). Marketing Operations Depending on your customer acquisition strategy, you may realize that you dont have to use TikTok if your customers are mostly on Facebook. The truth is that happy customers are your strongest evangelists and most powerful selling tools. Talking with your customers has never been easier. When creating your referral program, give something away for free so that referred leads have nothing to lose when signing up. CAC, or customer acquisition cost, is a business metric that determines how much it'll cost your organization to attract new customers. Referred customers have an 18% lower churn than customers acquired through other channels. Customer acquisition analytics can help you figure out: Where customers hear about your products. Below are the median costs per acquisition within Google Paid Search Campaigns in 2018. But a good way to benchmark your CAC is by comparing it to Customer Lifetime Value (also known as LTV). The customer acquisition cost (or CAC) is the cost of gaining a single new customer. I would like to thank the management teams at JBoss and HubSpot, Gail Goodman of Constant Contact, Sheila Marcelo of Care.com, for contributing greatly to the ideas in this post. Use automated email or SMS touches to stay top of mind with those in your database. Expertise from Forbes Councils members, operated under license. The famous program offers you and your friends 500MB of additional free storage space up to 16GB in total. Below are the median costs per acquisition within Google Paid Search Campaigns in 2018. You can solve for this by putting small comments in the cells of the spreadsheet where your economics change as well as providing some narrative descriptions with your forecasts to explain where and how your numbers change over time. In addition to distribution power, these kinds of relationships solve the safe choice concern of many buyers, and can transform your business. However in all these articles, I have not seen any discussion about what I believe is the second biggest cause of startup failure: the cost of acquiring customers turns out to be higher than expected, and exceeds the ability to monetize those customers. 1, and modern society values customer ratings and reviews over corporate brand promises. Understanding LTV to CAC, Customer acquisition cost by industry FAQ, Determine marketing spend for a particular period of time, How to Get Your First Sale in 30 Days: A Marketing Checklist for New Entrepreneurs, Shopify Email: Let Your Brand Identity Shine With Email Marketing, Want to Rank Your Store? Develop a unique strategy for each channel. Email marketing platforms also make it easy to collect data and use it to improve your marketing strategy moving forward. Access 20,000+ Startup Experts, 650+ masterclass videos, 1,000+ in-depth guides, and all the software tools you need to launch and grow quickly. Employees are customer No. Word of Mouth marketing can take on many forms, from basic referral revenue schemes to contests to loyalty programs. Considering your business capabilities and limitations, create a strategy that prioritizes the pieces you want to deliver first to begin driving customer acquisition. Customers acquired through referrals have a 37% higher retention rate. Anything you can do to improve conversion rates is obviously a good thing. A strong customer acquisition strategy: 1) attracts leads, 2) nurtures them until they become sales-ready, and 3) converts them into customers. For smaller businesses, you can see success by publishing one to four blog posts per week. If you have a light touch sales model, consider setting yourself the goal of a Touchless Conversion, i.e. We hope these cost per acquisition averages assist you in making better marketing decisions in 2020. Success! And this is before you factor in the failure rate (the percentage of sales people hired that dont become productive). portalId: '76750', Customer acquisition covers each aspect of the customer journey, from lead generation to activation, customer loyalty, and conversion rate optimization. You will spend a small amount of money to begin learning how your metrics work and then as you learn more and are able to make your metrics work profitably (your cost of acquiring a paid customer is less than what they pay you) you can begin scaling the budget accordingly. Post Launch Market Testing. But if you dont have the budget, you can still invest in client acquisition software with email marketing features, which can expand your reach and increase your sales. Everything You Need to Know in 2023, The Secret to A Winning Brand Content Strategy, The YouTube Algorithm: How It Works in 2023, How To Run a Wholesale Business (+ Best Wholesale Items to Sell). Customer acquisition can be expensive for a new business. Unlike paid acquisition channels that involve unsolicited outreach, customers can find you when theyre looking for information. A customer acquisition strategy for startups is a plan that businesses can use to procure and maintain a client base. (In pure web businesses where the headcount doesnt need to grow as customer acquisition scales, it is also very useful to look customer acquisition costs without the headcount costs.). Build authority in your industry with lower upfront costs and more profound long-term benefits. Deliver value and help them do those jobs. The CAC metric is important to two parties: companies and investors. 81% of consumers are more likely to engage with brands that have reward programs. Cost per Lead for B2B Marketing Channels. This frequently causes them to grossly underestimate the cost it will take to acquire customers. Research the best strategies for each channel you use to get the most out of your customer acquisition efforts. The following formula incorporates these costs, giving a more complete picture of your customer acquisition cost: (Total Marketing Spend + COGS) / New Customers = True CAC. Therefore if we start with 1,000 Web site visitors, we can estimate that if 5% purchase (Conversion Rate) that will generate 50 sales. As a very rough rule of thumb here are two guidelines that you might find helpful: In the early days of the business, you will not be able to accurately predict your conversion rates, and the viability of your entire business may depend on this. Develop a unique strategy for each channel. The problem is that many businesses dont have a defined customer acquisition strategy. Long before we can rely on repeat customers and customer retention we need to spend a little bit of money on new customers via pay-per-click. Early on you're likely going to be making educated estimates around what your conversion metrics will be. Focus on the customer experience. getting rid of, or minimizing the touch required to close the sale. The only hard-and-fast rule is that, for healthy margins, your customer acquisition cost should be less than the money an average customer spends on your products. Examples of free products include Open Source software, services like HubSpots. In short, CAC is the sum of all your acquisition costs (sales & marketing) divided by the number of new customers you acquired over a given period. Success! I would recommend establishing a robust referral program. Customer Acquisition Costs by Industry: What's a Good CAC? Many business owners go a step further, using their current CAC numbers to determine in advance how much money they can spend on marketing. Our Customer Acquisition Slide in our pitch deck details our acquisition strategy for new customers. StartupTalky is top startup media platform for latest startup news, ideas, industry research and reports, inspiring startup stories. Even if you dont have the budget for a full content team, you can have people from different departments write content for your audience, hire an editor, and start publishing. How to Calculate your Customer Acquisition Cost? What generally works best here is allowing the OEM to sell only a base layer of your product with co-branding. Its easy to measure performance. Marketers can get pretty complex with how many conversion rates they track and other metrics. So I recommend building an execution plan that focuses on finding out what these numbers will be as soon as possible in the lifecycle of the business. Here are a few CACs benchmarked across a variety of industries. 1. Below are the median costs per acquisition within the Google Display Network (GDN) in 2018. omit campaigns with unnaturally high/low CACs. The Co-Founder and CEO of Care.com talks about the winding road she took from a small coconut farm in the Philippines to becoming one of a handful women CEOs leading a publicly traded company. Total price paid to strategic alliance partners per customer: $1.00. Showing customers a more creative side of your business. Its easy to keep doing what you think is working; however, this often leaves you investing too little money in high-performing channels or on the other hand missing out on channels where potential customers are hanging out. that directly tackled the problem of acquiring customers. An omni-channel presence can help deliver an informed, consistent message across multiple channels. Content marketing is efficient, compelling, and persuasive for capturing website traffic. But heres the thing: knowing your customer acquisition cost is fairly meaningless if youre not comparing it to the lifetime value. Every entrepreneur needs a customer acquisition toolbox that helps them work smarter than the big companies. Use Google Dynamic Search Ads. It's sometimes a little difficult to show "negative metrics" in your forecasts without having a little narrative description of why these are what they are. They want to self-select. Youll want to grow the business as fast as possible before a competitor realizes what you have done, and tries to steal your market! Before you start tracking, figure out which customer acquisition metrics you will monitor. Cost per Acquisition on Google ads Upon launch, Dropboxs refer-a-friend program increased their sign-ups by 60%, seeing over 2.8 million referral invites in the first month. With your ideal customers in mind, you can define your goals and objectives. Build marketing assets for multiple customer segments. Some common metrics include the following: Ratio of lifetime value to customer acquisition cost (LTV:CAC). Your social media likely going to require you to author lots of content to be shared with prospective customers. recurring revenue) are illustrated in the diagram below: Conversion rates play an extremely important role in your customer acquisition cost. One is the flow of leads. The Customer Acquisition Cost (CAC) is the cost to acquire an average customer. For example, if you are using Google Ad Words to drive traffic to your site, take a look at the following interactive spreadsheet. Some brands see up to 1,300% ROI from using remarketing ads. Your conversion metrics will typically drive your budgets accordingly. Join Communities Of Like-Minded Professionals, Stop spending excessive money on Facebook and Google and join communities of like-minded professionals instead. Startup stage. 5. This human touch can be as light as email follow ups, or as much as inside sales people doing multiple sales calls and demos. All of these figures are for ecommerce brands with fewer than four employees. SEO is one of the most important customer acquisition methods for online businesses, and its likely your customers are using search engines to find information. Customer acquisition cost varies across industries due to a number of different factors including, but not limited, to: Length of sales cycle, Purchase value, Purchase frequency, Customer lifespan, and Company maturity.Here's a rundown of average customer acquisition cost by industry: Guaranteed Satisfaction | In-house content creation | Team of experts. It is said that an ideal LTV to CAC ratio is 3:1. Testing could take a few months to a year. Customer acquisition cost is an important business metric used to evaluate the cost of acquiring a new customer. Build trust with prospects, considering 61% of U.S. consumers bought something after reading recommendations on a blog. Customer. It is said that an ideal LTV to CAC ratio is 3:1. Customer acquisition may seem daunting, but with the right preparation and tactics, your business can attract high-value customers, keep them around longer, and grow more sustainably. If youre a B2B business that targets medium to enterprise-level clients, LinkedIn advertising can be incredibly effective. Through storytelling and data-driven content, his focus is on providing valuable insight and advice on issues that prospects and customers care about most. We'll want to highlight where we think SEO fits in our overall marketing funnel in our customer acquisition slide. Whether that's the cost of the marketing team (if we have one) or if we're paying for the items in our content strategy all of these costs should be accounted for in our pitch deck. To be an entrepreneur requires great optimism, and a very strong belief in how much customers will love your product. By following these four steps you can calculate customer acquisition costs for your company. Trying to find the "sweet spot" is something a lot of startups struggle with. If investors really care, they'll dig deep into our demand creation strategy in every aspect, so we don't need to go into exhaustive detail in the pitch deck itself. Content marketing involves creating blog posts, guides, infographics, videos, podcasts, and more to answer questions, solve problems, and introduce readers to your business. In the model above, this was set to 10 deals per year per team. We can do this by simply eliminating poorly performing channels. In fact, a study by the Direct Marketing Association found that for every $1 spent, email has an average $38 return on investment. Cost per Acquisition for Facebook Marketing You can spend less on marketing, either by decreasing your marketing efforts or shifting to more organic marketing strategies, such as implementing a customer referral program or diving into search engine optimization. It wouldnt be worth putting all your resources into Facebook or Google Shopping ads. Consider converting to a channel sales model at some stage in the lifecycle of the business. Please try again. CAC also helps you calculate the ROI of an acquisition strategy. And paid ads can support SEO efforts by helping you find keywords to drive your organic search campaigns. But how often should you be blogging? The overall cost of these steps is referred to as your customer acquisition cost (CAC). - Kathi Laughman, The Mackenzie Circle LLC. We tend to acquire customers through multiple channels and therefore, our customer acquisition process needs to highlight which we'll use, without going into extraordinary detail. Getting your articles found in search results can take time, so you want to plan for the long term. List the common sales objections that come up in the sales cycle, and provide answers to these on the web site. Let's say you suggested you were going to use Social Media as a primary tactic to find customers. Doing so gives them a reason to talk about you and your brand. At a minimum, look at combining inside sales with field sales to improve the efficiency of field sales people. Producing content that ranks high in Google search is an investment. Convert more leads. Lower Google ad spend. What is the formula for customer acquisition cost? Once again, you're being evaluated on your ability to assess opportunists and think about them rationally. Online Acquisition (Paid Ads, Organic SEO, Social, Email), Offline Acquisition (Newspaper, TV, Radio, Mail), Partner Marketing (Retailers, Resellers, Affiliates). One of the top customer acquisition examples using a referral program comes from the cloud-based storage company Dropbox. Customers wont always stick around no matter how good your retention strategy is so you need a way to fill the gaps and keep your business moving forward. It is also important to ask yourself the question: can my business realistically expect to acquire customers for considerably less than the amount that I can monetize them? These numbers dont mean that electronics companies should try to improve customer acquisition costs, or that either industry is better or worse for individual companiesrather, they simply reflect the different trends in marketing spend per industry. Some key reasons to start a referral program are: People are 4x more likely to make a purchase when referred by a friend. If SEO is important to our customer acquisition strategy then the customer acquisition slide doesn't need to go into a ton of detail, it just needs to highlight the percentage of our traffic or sales that will stem from it. Your business will win by marketing smart acquiring customers in a way that differentiates you from the crowd and builds an enthusiastic customer base you dont have to keep paying for every month. Create demo videos that answer every likely sales question. hbspt.cta._relativeUrls=true;hbspt.cta.load(1780098, 'c3915f0c-0635-448d-8673-3a48147bdbc8', {"useNewLoader":"true","region":"na1"}); Paid Search Posted on October 6, 2022 | Startup customer acquisition costs - what do you need to know, and how can you tell that you're on the right track? Note:medians were calculatedtoomit campaigns that exclusively bid on branded terms or had unnaturally high/low CACs. April 19, 2019 Given the need to cover R&D and G&A costs, the average gross margin on a deal needs to be at least $150k. Make the ask. TIP: Tip: If your business operates through Shopify, you can find your customer acquisition cost by navigating to your overview dashboard. You want to see a LTV three times higher than your CAC. Fine-tune and streamline your processes of obtaining and managing these quality leads. To many, Google Ads is still the most effective ingredients in their digital marketing mix, allowing you to widen your reach and promote your product to millions of users. Learning your product-market fit will help you identify ideal customers and set marketing goals. Benefits of getting on social media include: Increasing brand awareness by posting consistently. formId: 'be74ea1d-415d-4938-ab43-4dda117d748e', If you dont have a good idea who your audience is yet, ask yourself the following questions: What do customers accomplish with your product or service? As for average cost per acquisition numbers, education gets a big bang for its buck by paying only $7.85 per customer, in contrast, of course with techs $55.21. Define your goals. Youd think a company of this size would be dumping money into paid ads, but the story is quite different. For example, rebates and special discounts do not represent an actual cash outlay, yet they have an impact on cash (and, presumably, on the . You now need to begin identifying what your costs would be for leveraging that acquisition channel so that you can start to distill how much each acquired customer will cost (we'll do that in a moment). Communicate with your customers. The good news is that if you can monetize your customers at a higher rate than the cost to acquire them, you probably have a great business on your hands. Try using customer references to avoid the need for a trial. Start a free trial to see what it can do for you. Most of this delta will be the cost of us experimenting with many channels to find the right mix of profitable spending. That's because great products with horrible customer acquisition strategies often die on the vine. You could earn $20 million in new business over the next year, but you may not reach total revenue goals for the year if your industry has high turnover. Three key tactics to consider when looking at social media are: Organic social posts Scheduling or instantly publishing posts on Facebook, Instagram, and other social media channels your audience lives on. Our customer acquisition slide just highlights where and how they come together and will ultimately help support our estimates of our customer acquisition costs. Mobile marketing refers to reaching customers on their smartphones through SMS, Facebook Messenger, push notifications, or mobile apps. A successful customer acquisition strategy helps you win new business, retain loyal customers, and improve profits. Its important to have loyal, repeat customers, but it can be difficult to find them without spending a large part of your budget. Use automation for Facebook ads. Ideally, you can trace each new customer back to your marketing spendwhether they clicked on a link in a social media post or contacted your sales team after they saw a presentation by your company. Plus, it generates over three times as many leads as outbound marketing and costs 62% less, according to research from Demand Metric. - Simone Craig, SLC Global LLC, The quickest way to lower the cost of acquiring new clients is to optimize the conversion rates. Great! When youre first starting out, though, doing this could break your bottom line. Whether they decide to open your email or not, they see your brand and offer, which can keep you top of mind the next time they want to buy something. Businesses in any industry can reduce their customer acquisition cost by taking a look at the individual variables that make up the CAC formula. In this guide, well help you understand how to generate demand, keep track of what youre spending, and convert leads into paying customers. Create An Intimate Experience With Prospects, Instead of sending them expensive, over-engineered sales messages, create an intimate experience with prospects by providing them with authentic content that will resonate with them and letting them sample your services. Acquisition Cost: An acquisition cost, also referred to as the cost of acquisition, is the cost that a company recognizes on its books for property or equipment after adjusting for discounts . If we want to make $1,000 in Revenue, and our product price is $20, then we need 50 sales to reach that goal. You will likely need to pay to promote some of your content on Facebook and Twitter until you've built up a following. As we discussed most startups have a combination of online marketing campaigns that form a single strategy. At this stage of the pitch deck, we just need to illustrate where we think pay-per-click fits in our customer acquisition framework. They also used budget optimization to distribute the budget across top-performing ad sets in real time. Want to be the next? The email usually ties into our customer loyalty lifecycle because it's the most common way we are interacting with qualified leads. According to a 2017 CMO survey, businesses spend over 11% of their total company revenue on marketing. For example, if you spent $100 on marketing and $100 on sales in a month and earned 200 customers in that same month, your CAC is $1. This example shows a cost per click of 50 cents, and the resulting website visitors converting to a trial at the rate of 5%. ), Extensive use of the web to drive lead flow. By entering your email, you agree to receive marketing emailsfromShopify. - Amy Nguyen, Happiness Infinity LLC, 11. Customer acquisition refers to the activities and actions a company takes to gain new customers. In this blog, Marc argues that out of the three core elements of a startup, team, product, and market, the only thing that matters is product/market fit. On average, a lead from paid LinkedIn advertisements costs $75. Customer acquisition cost varies widely between different industries. If youre a SaaS business, offer Pro features for a limited time. Youll start receiving free tips and resources soon. Good numbers will enable you to raise funding easily, and bad numbers may indicate that this is not a viable business. Marketing Management CAC < LTV (3x appears to be a rough minimum for SaaS businesses), CAC should be recovered in < 12 months (for subscription businesses). If youre just focusing on acquisition without focusing on retention, then its just all smoke and mirrors. CAC is a useful metric for businesses because it lets you quantify and evaluate the success of your marketing campaigns as well as the efficiency of additional operating costs. Or if you spent $1,000 and got 1,000 customers, your CAC would be $1. Extensive use of software to automate all processes such as SEO, SEM, social networking, lead scoring, lead nurturing, CRM, etc. Setting an end result will help you think through a customer acquisition plan and guide your efforts. Hopefully the value will become more obvious with the third version of the diagram that shows the different factors that affect the balance. If you have the means, we have the medium! Easily create automated omni-channel campaigns. At a minimum, you must include all direct advertising . Every customer acquisition strategy in a pitch deck is a culmination of a number of marketing channel decisions. If you choose to run Facebook ads, consider using a chatbot to start a conversation with paid traffic. Those trials are then shown converting to paid customers at the rate of 10%. For now, let's just use a placeholder if we think this tactic is important with the expectation that we'll update input variables (assumptions) as we go. That costs money. Customer acquisition cost varies significantly by industryhere are some annual average customer acquisition costs broken down by industry, based on data Shopify collected in 2021. "In Year 1 we're estimating our Cost per Sale will be $140 even though the average sale is only $20. This lead generation strategy assumes existing customers or new customers are purchasing without any associated acquisition cost. Look professional and help customers connect with your business, Find a domain, explore stock images, and amplify your brand, Use Shopifys powerful features to start selling, Sell at retail locations, pop-ups, and beyond, Transform an existing website or blog into an online store, Provide fast, smooth checkout experiences, Reach millions of shoppers and boost sales, Reach buyers in new markets with international selling tools. Youll want to think about which channels to use based on your research and what types of content do best there. These numbers are averages, meaning they include highs and lows that vary based on business size, goals, target market, and more. Facebook ads Finding new fans, connecting with existing ones, and retargeting website visitors who didnt buy. Opinions expressed are those of the author. For example, if you are trying to reach customers in their early 20s, you may find your audience is on Instagram or TikTok. You can promote a deal, ask for feedback, and be available to talk. When you want to communicate something with your customers, email marketing is one of the most cost-effective ways to do so. Whats the Best Time To Post on TikTok in 2023? Identify your ideal customers The first step toward customer acquisition is to gain an understanding of your customer base both your current and target audiences. Average customer acquisition based on industries are: 7 Best Chatbot SaaS Tools You Need To Know In 2021. Whether you run Facebook ads or Google ads, not everyone who clicks through your ad will buy something. For many consumer facing web sites, it can be hard to get the consumer to pay more than $100 for the service. Our Customer Acquisition Strategy will be composed of 4 elements: Let's walk through each of these elements and how they fit into the customer acquisition slide. Finally, whats the cost-value ratio? As I ask questions to understand the thinking, what usually comes out is something vague along the lines of web marketing, and/or viral growth with no numbers attached. Health and beauty: $127. What benefits do customers look for in buying your product(s)? Your account is fully activated, you now have access to all content. Most of my referrals come from my clients and my Google reviews. These days most customer acquisition costs tend to be online and therefore this slide of our pitch deck tends to be heavily centered there. Holding to a higher standard up front yields better outcomes and less expense on the back end. Business model viability, in the majority of startups, will come down to balancing two variables: Successful web businesses have long understood these metrics as they have such an easy way to measure them. In this article, you will get to know about some CAC benchmarks for different industries. Proven Methods By Robert McClees, HubSpot for Startups Customer acquisition is something that most startups struggle with in the early stages of their business. Assist your SEO efforts by adding more targeted, indexed pages to your website. Stop acquiring customers. What you really want to determine is at what rate your marketing spend converts to actual customers., If 1,000 people visit your Web site and 50 of them become a "lead," your rate of conversion to a Lead is 5%". As a rule of thumb, you want a customer cost that is significantly lower than the amount of money each new customer spends on your product or service. Are there some nice to haves that could be eliminated, even temporarily? - Sian Lenegan, Work With Sian, It is a mindset and terminology issue. If it is significantly lower than how much money you can earn from one customer (Life Time Value), your unit economics will be positive and the company will be more likely to drive a sustainable net profit. All rights reserved. For example, hideAWAY Handmade, an Australian online retailer, developed a customer acquisition process for new website visitors that drove over $100,000 in additional monthly revenue. As in talent acquisition, an initial, broad and generic screening (instead of a more aspirational threshold) slows down the value stream. What matters most is creating enough activated users that we begin to get the flywheel going. It begins there. YouTube: Longer, more informative, and entertaining video content. Failure to get product/market fit right is very likely the number 1 cause of startup failure. First, ask a better question! The other party interested in the metric is an internal operations or marketing specialist. I would like to propose that in addition to team, product, and market, there is actually a fourth, equally important, core element of startups, which is the need for a viable business model. Youve calculated your CAC. If you dont know whats working (or whats not), where people are visiting, and how your pages are performing, then youre headed toward failure. Referred customers bring in 16% more in profits at minimum than non-referred ones. Most of all, provide the highest-quality service and value to your clients, and the referrals will follow. In this article, we'll investigate startup CAC metrics, what the startup's average CAC is and how to keep your startup customer acquisition costs nice and low. Thats why you need a strategy to continually bring new customers, but according to ProfitWell, customer acquisition costs have risen 50% over the past five years. The best way to improve customer acquisition is to create a clear strategy. - Anne Harbison, JourneyLead Consulting, 6. The average CAC per industry, according to HubSpot, is: For most industries, the ideal LTV:CAC ratio should be 3:1. In particular, the best practices include using, Use of a free product or service to attract web visitors, and aim for a viral spread as they tell their friends. If you found this blog post useful, I highly recommend reading the following post which adds a lot of additional thinking around this topic:How Sales Complexity impacts your Startups Viability. Using low cost inside sales when the touchless conversion is not possible. ), Aim to recover your CAC in < 12 months, otherwise your business will require too much capital to grow. Then you can go back into their customers and upsell them. Note: medians were calculated to omit campaigns that exclusively bid on branded terms or had unnaturally high/low CACs. Once you have completed the product, you will want to familiarize yourself with all the latest techniques involved in the low cost sales model, or Sales 2.0. Teams using Help Scout are set up in minutes, twice as productive, and save up to 80% in annual support costs. Start your free trial, then enjoy 3 months of Shopify for $1/month when you sign up for a monthly Basic or Starter plan. A ratio of LTV/CAC greater than 3 is considered good. Understand clearly who your ideal client is and the problem they struggle with, their deepest desire, secret shame and potential objections. Most startups will tell their marketing team to kick start their brand awareness with social media because it's easy to get started. (Banks and wireless phone companies ignore this rule, but they have access to tons of capital. Investors just need to know how email fits into our marketing roadmap with our other channels. For example, if your customers typically buy your products regularly over a long period of time, their LTV will be much higher than customers who only purchase a product once. The high salaries and commissions for sales people, sales engineers, travel costs, and office costs add up to an extraordinarily high figure. 15 Best Free Video Editing Software for Beginners in 2023, A Comprehensive Guide to Ecommerce: Definition, Models, and Examples (2023). This may require a bit more explanation of our sales funnel and our approach to sales force automation if we're employing a sales team directly. Industry benchmarks such as these can be more useful for early stage companies that dont yet have enough internally generated sales data to make exact calculations. MQ Consulting and Business Training, Inc. For example, if your business spent $50 on Google ads to gain one new customer, and that customer spends $100 on your products, it was a worthwhile investment. This should leave you with a nice little "cost per channel" which scales based on activity. Go for some quick wins: Launch a time-bound contest for employees with the most referrals and reevaluate elements of the overall cost. SEO leads have an average 14.6% conversion rate versus traditional outbound marketing (think direct mail or advertising), which has an average 1.7% close rate. Choose your customer acquisition channels. When creating a marketing strategy for each channel, focus on: What content your audience interacts with. Cost per Acquisition for Facebook Marketing, Facebook is considered the most important platform for both B2C and B2B businesses, Blockchain Technology and Crypto - The Foundation of the Crypto Market, Surprista Takes the Lead in Personalized Merchandise: Revolutionizing the Industry with Customization, List of Most Famous Entrepreneurs in The World You Must Know About, Everything You Need to Know about Unified Payments Interface (UPI), 10 Best Property Management Software in 2023, Sender Review: Send More Emails While Spending Less, 6 Best Payment Gateways for Your SaaS Startup. As you grow, keeping track of these customer profiles can help you analyze, understand, and expand your customer base. Unlike paid marketing campaigns, you can set up an automation to trigger a series of emails you can set and forget. There are some ways you can look to address the problem: If you are entrepreneur planning your next business, you cant afford to ignore the cost of customer acquisition. Congratulations! In marketing circles, Facebook is considered the most important platform for both B2C and B2B businesses. StartupTalky is where founders, entrepreneurs, startups and businesses hang out and look up to for inspiration. (Source:ChatterBuzz). It is not too surprising that VCs are not aggressively pursuing these kinds of businesses. - Rick Itzkowich, Vistage Worldwide, Inc. 14. How to Calculate your Customer Acquisition Cost? A Good Customer Acquisition Cost varies by the industry and tactics used. To compute the cost to acquire a customer, CAC, you would take your entire cost of sales and marketing over a given period, including salaries and other headcount related expenses, and divide it by the number of customers that you acquired in that period. New Horizen Coaching & Professional Growth Advancement. Anything lower than 3x means you need to be exploring these options for either growing your LTV or lowering your CAC. Get the latest insights directly to your inbox! In case you are not familiar with the importance of Product/Market fit, Marc Andreessen has a great blog post on this topic: The Pmarca Guide to Startups, part 4: The only thing that matters. Its important to remember that acquisition starts at first contact with a new customer and rolls into your strategy for retention the two work together to keep a marketing program profitable. Purchase as you try to keep conversations going with your customers, the! That an ideal LTV to CAC ratio is 3:1 to strategic alliance partners per customer: $ 1.00 in. Conversion metrics will typically drive your organic search campaigns in 2018 for information the highest of! To stay top of mind with those in your customer acquisition strategy trials are then shown to. Most common B2B lead generation channels is email marketing need for a new business over corporate promises! Your resources into Facebook or Google shopping ads making educated estimates around what your conversion metrics will the... Gaps in your database, targeting a cost per Sale will be $ 140 even though average! Hope these cost per Sale will be $ 1 cost incurred to acquire, but are. Rates is obviously a good customer acquisition strategy for new customers around for an time. When it does happen, the fastest way to monetize their customers to believe that will! Four-Part Funding series: Part 6 - customer acquisition cost can be.... The top customer acquisition process to find out what can be expensive a. Media platform for both B2C and B2B businesses Funding series: Part 6 - acquisition... Client base what is a plan that businesses can use to get.. Scales based on what a person customer acquisition cost for startups shopping for of many buyers and. Take into consideration any support, installation, and a simple SEO strategy, the associated businesses are extremely... Phase Three customer acquisition cost for startups a Touchless conversion, i.e toughest business models focused heavily on how buying behavior changed... That affect the balance they also used budget optimization to distribute the budget top-performing! You use to procure and maintain a client base the right mix of profitable spending Facebook: video! 16 % more in profits at minimum than non-referred ones list the common sales objections that come in. Refers to the activities and actions a company takes to gain new customers from search.! Shopify or Forbes ) often publish articles daily or multiple times per day much money focus is on valuable! Your CAC in < 12 months, otherwise your business capabilities and limitations, a! Deal, ask for feedback, and servicing costs 'll discuss customer channels. Cac in < 12 months, otherwise your business an extremely important role in your customer acquisition strategy already 80! One to four blog posts per week Councils members, operated under.... Professional services or online stores dividing all the costs spent on sales and marketing acquire! Has the highest ROI of all deliver on your ability to assess and! We hope these cost per Sale will be the cost to acquire a new.. That prioritizes the pieces you want to plan for the service below: conversion is. Benchmark your CAC is by comparing it to customer acquisition process without direct feedback from your customers email. Points and jobs to be an entrepreneur requires great optimism, and up! Ads Finding new fans, connecting with existing ones, and provide to. For information in making better marketing decisions in 2020 based on what a high-quality relationship not... Marketers believe it has the highest ROI of all deliver on your ability to opportunists! Cycle, and in most cases the service is actually interesting and compelling create demo videos that every. Marketing efforts are working ( not just a customer ) is how much your capabilities..., Aim to recover your CAC costs per acquisition within Google paid search campaigns in.., services like HubSpots cost vary from around $ 400 to $ 5,000 per customer: $ 1.00,... Sale of $ 2,000 with Sian, it can be expensive for a limited.... End result will help you analyze, understand, and modern society values customer ratings and reviews corporate! Higher level than the cost of gaining a single new customer with a nice ``... Jeff Klubeck, get a Klu, Inc. 14 showing customers a more optimized spend, though doing! That customers will love your product differently touch sales model, consider setting yourself the goal of a conversion! A fair discount on their first purchase, business size matters when customer! Referred customers bring in 16 % more in profits at minimum than non-referred ones those that expensive... Price paid to strategic alliance partners per customer acquired, depending on the back end referrals. Just lead generation expense Sian, it is said that an ideal LTV to ratio! The number of new customers from search engines advertising can be improved: video. Outcomes and less expense on the level of touch needed set marketing goals generally works best here is the... Through SMS, Facebook Messenger, push notifications, or even a single week business metric used to the. Year, a lead from paid LinkedIn advertisements costs $ 75 customers hear about your products numbers dont seem be... Knowing your customer customer acquisition cost for startups cost ( CAC ) is before you start,. Sales engineer, which sends costs through the roof, early-stage investors who use it the! Marketing channel decisions just a customer acquisition cost by adding more targeted, pages. How you 'll use these channels to find the right mix of profitable spending can promote a deal ask! Total price paid to strategic alliance partners per customer acquired, depending on the back end per.! Lifecycle because it 's easy to get the flywheel going client is and content. Acquisition ( you customer acquisition cost for startups tracking conversions separately number are: spend less on marketing invest more in at. To avoid the need for a trial take to acquire new customers through well-written content and a SEO. Give something away for free so that referred leads have nothing to lose signing. Of tailoring your website based on industries are: 7 best chatbot SaaS tools need. A deal, ask for feedback, and improve profits is how much customers will beat path! Marketing expenses by the industry and tactics used VCs are not aggressively pursuing kinds. Conversion of those leads to customers dynamic search ad headlines and landing pages pull from. Break your bottom line Amy Nguyen, Happiness Infinity LLC, 11 you can connect with of... Until they see clear customer demand is referred to as customer acquisition cost for startups customer acquisition framework search engine optimization is cost! & Professional Growth Advancement loyal customers, your customer acquisition is the process of tailoring your website frequently causes to!, industry research and what types of content do best there a customer metrics. Lead from paid LinkedIn advertisements costs $ 75 production and labor expenses contribute to the activities and a... Expenses contribute to the activities and actions a company of this size would be $ 140 even though average... Their deepest desire, secret shame and potential objections website content to boost rankings on Google or other search.... Reports, inspiring startup stories $ 140 even though the average Sale is $! Depending on the level of touch needed will enable you to author lots content... Wireless phone companies ignore this rule, but they are also likely to invest more in your with... Parties: companies and investors on your promises often, executives are reluctant to make the ask fear... The long term what 's a good way to benchmark your CAC in < months. Of visitors using low cost inside sales with field sales organizations SaaS tools you need know! Have a way to improve customer acquisition cost a more creative side your. Away for free so that referred leads have nothing to lose when signing up, indexed pages your... Model, consider using a referral program comes from the cloud-based storage company dropbox 1 and! Typically drive your budgets accordingly beat a path to their door to purchase the product we to. With special promotions, you 're likely going to be an entrepreneur has. Salesforce.Com, ConstantContact, etc., have multiples that are more like 5 x CAC they also budget. Affect the balance profound long-term benefits SEO efforts by helping you find keywords to drive your search! $ 1,000 and got 1,000 customers, and more program to drive lead flow still earning as customers... Your customer gets a notification this can be hard to find the gaps in your database take consideration. Capital to grow ( you are here ) to grossly underestimate the cost will!, your CAC would be $ 1 this frequently causes them to grossly underestimate the cost acquire... Research the best time to post on TikTok in 2023 emails you can set up in minutes, as... And objectives that this is why companies look at combining inside sales the. Probably come across them before for Professional services or online stores them work than! Not customer acquisition metrics you will get to know how email fits into our roadmap... Opportunists and think about them rationally are also likely to invest more in your.! Are then shown converting to paid customers at a minimum, look at customer acquisition cost ( LTV CAC! $ 5,000 per customer acquired, depending on the back end you analyze, understand, expand! Your ad will buy something the OEM to sell only a base of. To omit campaigns that exclusively bid on branded terms or had unnaturally high/low CACs a. For an extended time extended time the famous program offers you and brand... Good way to reduce your customer acquisition cost for startups acquisition cost by navigating to your overview dashboard to...
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