People don’t get how important marketing is. You don’t believe me, look at shows like Shark Tank and Lions’ Den.
Everybody is all about the idea. Always the idea. When I go into business, I do it completely differently.
When I have an idea, I try to have a simultaneous thought: is this thing marketable? We call it CAC for those of us who know about marketing.
CAC stands for Customer Acquisition Cost. You could have the greatest idea ever, but if the cost to get a person to buy your product/service is more than you can sell it for, then you’re dead in the water. You’ve killed your dreams before you can even launch the business!
By using the CAC formula, you can figure out how much it costs your business to acquire customers.