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Business - Enough To Keep You Interested But Not So Much It Keeps You Up At Night
Manage episode 427775789 series 3154733
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In this episode, Andy and Joel talk about the intricacies of marketing strategies and financial investments for business success. They discuss the critical balance between cost per acquisition and immediate transaction value, emphasising the importance of cash flow management in sustaining marketing efforts. They also explores the diverse attitudes towards risk and financial investment amongst entrepreneurs, highlighting the significance of mindset and readiness to commit resources.
KEY TAKEAWAYS
- Let’s say your cost per acquisition is £100, but the value of the first transaction is £75, you’re actually making a marketing loss on that first transaction - even if you make it back in 6 months time. If you haven’t cash flowed for that, you will just run out of money.
- Some people have £1000, and are willing to invest £500 in their marketing. There are people out there that would be like ‘yeah that’s a no-brainer’ and there’s others that would say ‘no way’. It’s not just about the numbers, it’s also about your temperature to risk and attitude/mindset to money.
- You’ve got to have enough skin in the game with an investment, so that you actually care.
VALUABLE RESOURCES
Join the Codebreak Academy - https://academy.codebreak.co.uk/join
ABOUT THE HOST
Joel Stone
Joel Stone is a marketer and disciple of business strategy. After seeing the impact of the 2008 recession, he decided to take control and leave employment to set up in business for himself. He quickly built an award-winning design agency, partnering with Andy Rao on numerous projects until they formed Codebreak in 2019.
Having previously helped brands including GlaxoSmithKline, Diageo, Beta Tools, and Channel 4, Joel’s work has been seen all over the world. He takes pride in applying techniques normally reserved for huge corporations to SMEs throughout the UK. Case studies of Joel’s work have featured in Design Week, The Drum, and Social Media Today.
Website - https://www.codebreak.co.uk/
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