Hey Growth Hackers! Colin Finger, your ad tech aficionado here.
This week I've been dissecting Nick's strategy has earned him over $80M in online revenue. So, buckle up, as we deep dive into Theriot's secret sauce.
Today's Growth Lab's insights:
1/ CPA: The Lifeline of Profitability 📈
2/ Embrace the NCCPA 💰
3/ Scaling Secret: The Triple L Tool 🔧
4/ Country Specific: Global Marketing 101 🌎
5/ Beyond Facebook: Diversification for Growth 🌳
CPA: THE LIFELINE OF PROFITABILITY 📈
The first step in Theriot's strategy is understanding your numbers, notably the Cost Per Acquisition (CPA). Knowing your targeted CPA and aligning it with your customer's Lifetime Value (LTV) is key to driving profitability and growth.
Pro tip: Always calculate and align CPA with your customer's LTV to supercharge your scaling efforts.
EMBRACE THE NCCPA 💰
Nick argues that the New Customer Cost Per Acquisition (NCCPA) is more valuable than the often-used Return On Ad Spend (ROAS). By basing your NCCPA on your desired profit, you get a clearer picture of your business impact and a realistic spending plan.
Pro tip: Make NCCPA your new BFF. It should be based on your desired profit, taking into account both customer acquisition and retention.
SCALING SECRET: THE TRIPLE L TOOL 🔧
One of the key takeaways from Theriot's strategy is his use of the Triple L tool. This tool analyzes the three-day average NCCPA, informing you when to scale up or down your budget by 20%.
Pro tip: Patience is key. Don't rush to adjust budgets based on a few hours of data. Stick to the three-day rule.
COUNTRY SPECIFIC: GLOBAL MARKETING 101 🌎
Theriot advocates for a country-specific approach to Facebook campaigns. Recognizing each country's unique cultural values, conversion rates, and creative needs can give you a competitive edge.
Pro tip: Learn about your market's unique desires and incorporate this understanding into your campaign for improved performance.
BEYOND FACEBOOK: DIVERSIFICATION FOR GROWTH 🌳
Nick highlights the importance of diversifying beyond Facebook, emphasizing the need to improve customer journeys and retention rates.
Pro tip: Companies willing to spend more on customer acquisition gain a competitive advantage. Ensure your business isn't solely dependent on Facebook.
That's all for this week, Growth Hackers! As we peel back the layers of the most successful strategies, remember the golden rule of growth hacking: "Test, Learn, and Optimize." Stay innovative and, as always, let's grow together.
Until next week,
Colin Finger, Editor of Growth Labs