Jul 30, 2022
Nowadays, finding statistics that will grab attention is simple. Likes and comments on social media and open rates are a point of pride. Business owners are happy to display these as monthly hits. However, many of these stats aren't of any substantial value to growing and scaling your brand/business. They may appear beautiful on paper but don't help your beauty brand business scale.
In today's episode, I will help you distinguish these not-so-useful metrics and the ones that matter. I'll explain the most critical metrics, how they operate, and how to improve them.
Episode Highlights
What are vanity metrics and examples of vanity metrics (02:12)
What is customer lifetime value, and why it matters most (6:22)
The key considerations in evaluating your customer lifetime value (9:00)
The two types of CEOs (18:20)
Typical objections customers have to buying a beauty product (24:25):
Why you should never neglect a welcome series (28:10)
How to follow up after the first customer interaction/transaction (28:50)
Four recommendations to scale your beauty brand (a recap) (34:18):
Quotes
"A vanity metric is a metric that looks nice but doesn't mean anything."
"The money is always in the follow-up, especially if they bought from you the first time. The first purchase is the hardest. But if you're able to get them to convert, it means that they bought from you for a reason. So now the question is, will you support them through that journey?"
"If you can get 60% of your audience to VIP, you will build a highly sustainable business because your marketing costs will be much lower. Then it will be easy for you to implement a referral strategy program."
"When I look at CEOs, beauty brand entrepreneurs, and those that have had massive success in such a short time, that's the number one qualifier—customer centricity. They understand that the only way to drive demand around their brand is spending time digging deep and understanding their audience."
"Branding is why people buy you; marketing is how people find you."
"You never go to somebody's site knowing you're going to buy a product unless you have premeditated on that decision and knew that you actually wanted it. So we often go to sites looking for reasons not to buy."
"Research data shows that small brands lose 70% to 80% of their audiences after the first interaction. This is because they don't focus on nurturing that audience right after their first