The way to calculate it, therefore, is to take all of your sales and marketing spending over a given period of time (e.g. However you can almost never isolate all the cost that goes into acquiring any given customer. In a nutshell, the Customer Acquisition Cost (CAC) is everything your company spends to acquire a customer. We will wrap up with a discussion on how to test your prices with customers. We will then discuss pricing strategy, and spend some time discussing value based pricing (the only kind of pricing strategy you should be using to set the price for your solution as a new venture). We will discuss important concept of life time value (LTV) and customer acquisition cost (CAC) – and why a minimum ratio of 3:1 is necessary for your business to survive. In this module, we will cover common ways that your economic buyers can pay for your products and services. This module is concerned with the first and we will cover the second in Module 6. Second, you need to understand how to manage money and possibly raise money. First, you need to build revenue streams – this is how your customers will pay you. There are two things to think about where it comes to financial sustainability. You have to figure out how to make money and make your venture financially sustainable. If you were creating your solution as an employee of an existing company, this is usually enough. But if you are building a new venture, that is only half of the equation. Thus far we have covered everything you need to know about understanding your market and customer, developing a differentiated solution that puts you above your competitors, and how you might raise awareness for your brand new solution and get it out into the hands of your potential customers.
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