Module 1, Lesson 1: How much does it cost to acquire customers?

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In this lesson, i will give you an overview of how much it costs to acquire new customers nowadays and why its important to increase other KPIs of your store to optimize the cost per acquisition.

[MUSIC PLAYING] Acquired customer is expensive, more and more stores will be selling online. Right now, it's easier than ever to sell online. After the COVID pandemic, stores that were used to sell face to face have shifted their focus online. What does it mean? Not only an increase in competition but also an increase in cost per acquisition. It's going to cost even more than it used to. Let me give you an example.
Before, you were paying $10 to acquire a new customer. Now, you might pay a little bit more because it's more expensive and there's more businesses that are competing for the same target audience. Right now, I'm going actually to share with you a personal experience. I'm selling online courses, right, so very similar to e-commerce, but not exact e-commerce business. I used to be paying around $0.20, I think, 20 to $0.30 per lead back in January.
But right now, I'm paying even more. I'm paying $0.80 and sometimes even $1 per lead. And because not only my audience got saturated but also could be for many different reasons like, for example, my creativity is a little bit outdated, so I need to update the creativity. But it's actually important to understand that the competition right now is much stronger than it used to be back, even six months ago or 12 months ago.
So for you, it's extremely important that you decide about which KPI you should start optimizing today. [MUSIC PLAYING]

Find out how much it will cost you to currently acquire a customer. For example let’s consider the average, without getting into the details per channel. Let's do something simple. Check how much spent in marketing, how many customers you had in a month and divide the number of customers by the total spent. So if you spent $100 to acquire 100 customers your CAC is $1

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<h1>Build an online store for your business with your new skills.</h1><p>Shopify has everything you need to start selling, all in one place.</p>

Module 1, Lesson 1: How much does it cost to acquire customers?

Course content (20 lessons)

Module 0: Overview

01 |Module 1: What Really Matters

02 |Module 2: How to Improve KPI #1 (Average Order Value)

03 |Module 3: How to Improve KPI #2 (Frequency)

04 |Module 4: How to Improve KPI #3 (Conversion Rate)

Build an online store for your business with your new skills.