What is customer journey? Customer Journey also known as Customer Experience is the product of an interaction between an organization and a customer over the duration of their relationship.

It can also be thought of as the complete sum of experiences the customer goes through when interacting with your company or brand.

Customer journey is usually categorized into 5 stages

- Awareness stage

- Interest stage

- Consideration stage

- ·Decision stage ·

- Post-action stage

Customer co-creation

What is customer co-creation? Customer co-creation is when the customer helps to create content for a brand. Creating content for a brand could mean tutorial videos about the company’s software, review videos or blog about the company products, written reviews of the products and/or services.

Co-creation ensures that the company alone is not responsible for creating the content necessary to promote their brand and attract new customers. Their customers help them generate content which might partially alleviate the need to constantly produce content in house.

Customer acquisition cost (CAC)

What is customer acquisition cost? Customer acquisition cost is how much it cost a business to acquire one new client or customer. Customer acquisition cost is usually measured by how much money is spent, but it can also be measured by how much time is spent acquiring one new customer.

It could be that it costs you 15 hours of work every week to acquire one new client or it cost you $1,000 to acquire one new client. Time wise, to calculate your customer acquisition cost, just add up how much time you spend over a certain period of time like one week or one month to acquire new clients.

Financially, you calculate how much time it costs you to acquire one new client by dividing your cost of advertisement by your number of acquisitions for that amount of money spent.

 

Here, lets do the math. How to calculate cost of acquisition

Cost of ad spent = $10,000 per month

# of new clients = 20 per month

Cost of acquisition = $10,000/20 = $500.00 per month.

Custom audiences

What is custom audiences? Custom audiences is a method of targeting people with your ads based on the people who has previously visited your website or bought something from you before.

For example, you can install a Facebook pixel and google analytics code on your website to track and record users that come to your website. Then, when you go to run ads, you can create a custom audience and tell Facebook or google to target people who has already been to your website or already bought something from you.

You can also create a custom audience by uploading the email addresses from your email list. If the user's email address on Facebook matches the email address you uploaded, they will see your ad. You can also use custom audience to build a look a like audience.

 

To learn more about how to build a custom audience, be sure to join my Digital Marketing Academy where I dive deep into how to run ads on facebook, google, bing, and yahoo. https://www.professorevidence.com/p/DigitalMarketingAcademy

Crowd sourcing

What is crowd sourcing? Crowd sourcing is when the general public supports a business. Instead of bootstrapping a business which means using your own funds, crowd sourcing companies goes out and pitch their ideas to the public. Through this format, many different people can contribute finances, resources, and supplies to help the company come to life.

What is web crawlers? what is indexing? what are web spiders?

Crawlers or Spiders are web search engine bots that move through your website to read what is on your website. Search engine bots can't read words like the one you are reading now, but rather they read the code of your website and that is how they know what information is on your website. This is also why having alt-tag description for your images are important.

Cost margin or gross margin

What is cost margin or gross margin?  To really understand cost margin, you just have to do the math.

Cost margin is total revenue minus cost of production divided by total revenue. The final number is multiplied by 100 to get the cost of margin percentage.

 

Here is the math. How to calculate cost of margin. Or gross margin.

Revenue from product = $8

Cost of production = $2

Cost margin = $8 - $2 = $6.00;

$6.00/$8.00 = $0.75 ;

0.75*100% = 75.0%

 

This means your gross margin or cost of margin is 75%. If the cost of production was $4, then your gross margin would be 50%.

How to calculate cost per lead, cost per click, cost per mille, and many more calculations.

What is conversion path? Conversion path is the trail, the roadmap that a visitor takes to become a customer. This conversion path is determined from the marketer’s point of view. The marketer or website owner gets to decide and create the strategy that a potential visitor will or might go through to become a convert.

 

Conversion pixel

What is conversion pixel, Facebook pixel, google tracking ID? Conversion pixel is a piece of programming code that you install on your website that tracks all visitors to your website and store information on which visitors become customers or leads.

Conversion Rate What is conversion rate? Conversion rate can be considered the percentage of visitors you get that converts into leads or customers depending on your conversion marketing objective. In continuation of our previous example of cost per lead. If we assume everything above holds true, then there is not much difference between the calculation of cost per lead and conversion rate.

In this situation, our conversion is 50%. Here is why. Let’s say we get 1000 visitors to our free digital marketing membership site, 500 of those visitors sign up and become leads. Then our conversion rate will be number of leads divided by number of visitors time 100. 500/1000 = 0.5; 0.5*100 = 50%

 

Here is the math again. How to calculate conversion rate.

# of visitors = 1000

# of leads = 500

Conversion rate = 500/1000 = 0.5; 0.5*100 = 50%

Conversion rate = (# of leads) / (# of visitors) * 100.