This episode, "Cut Your CPA in Half by Asking Better Questions," promises to reveal strategies for significantly reducing customer acquisition costs. By focusing on critical questioning, ecommerce operators can uncover inefficiencies and optimize their spending for better returns.
What do you do when you grow 25% YoY but realize you’re losing money? How do you adjust when what has always worked in the past stops working? What steps do you take when your cost to acquire a new customer is skyrocketing, and nothing is bringing it down?If you’re like some brand owners, you keep doing the same stuff but try to do it better. Sometimes, you need a larger shift that starts with asking better questions and understanding what problem you’re trying to solve. This interview with Anthony Mink, CEO and Co-Founder of Live Bearded, was super fun and energizing to record. Live Bearded is an 8-figure brand that experienced something pretty dramatic but also not uncommon in eCommerce. Their new customer acquisition ads stopped working across ALL ad platforms. We know the brand well; we’ve been running Google and YouTube ads for them for years. Seeing their CPA skyrocket across all channels (Facebook, IG, YouTube) and then helping it come down to the lowest it’s ever been was inspiring and insightful. Especially while spending more than ever on top-of-funnel efforts. Ultimately, they discovered they had a fundamental positioning and messaging problem. Their offer was good (basically a free sample), but the way they positioned their product had taken them as far as possible. They needed to reposition! In this episode, we uncover that journey, and it’s PACKED with valuable lessons.Here’s a quick look at some of what we cover:How you first have to clearly define the problem before you can solve it. (This is a step entrepreneurs usually want to skip.)How positioning is likely the most powerful lever you can pull in your business.The power of Stories, States, and Identities in your marketingThe power of Brand and how Nike has it, but Hyatt doesn’t.The concept of Better Your Best (and NOT Better Your Meh).</li