There’s an old saying in marketing and business: “You can’t manage what you can’t measure”. The best way to manage your teaching studio and make sure you’re on the path to profitability is to keep track of a few important metrics, including how much a single student is really worth to your business. That metric is known as your CLV (customer lifetime value). There are ways to increase your “CLV” so that you’re making more money from the students you already have, and then you can spend less money on bringing in new students. Put those two factors together and your studio can become a lot more profitable a lot more quickly.
In this episode, I’ll explain exactly what your “customer lifetime value” is all about, along with another related metric called your “CAC” (customer acquisition cost). I’ll teach you how to keep your acquisition costs down and how to increase your student lifetime value…and I’ll give you some very specific strategies you can start implementing right away. The most important first step is to understand these two important numbers and to learn how to calculate them for YOUR business…once you know where you ARE, you’ll be ready to start making improvements, and your studio will have a much greater chance for success.
This PREMIUM episode of the Start Teaching Guitar Podcast is available exclusively for STG All-Access members!
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