Unit Economics

The True CAC Framework

Your LTV:CAC says 3:1. Your bank account disagrees. Here’s the math that actually predicts profitability.

The Problem

Most UA teams calculate LTV wrong, measure CAC incompletely, and compare mismatched timeframes. The result: decisions based on fantasy math.

The Three LTV Lies

1. The Projection Lie

Using 12-month modeled LTV for users active 6 weeks. You’re betting budget on predictions, not reality.

2. The Blended Lie

Averaging LTV across all channels. Your “2.5:1 ratio” hides that organic is 8:1 and paid is 1.2:1. You’re subsidizing losers with winners.

3. The Timeframe Lie

Comparing 12-month projected LTV to 30-day CAC. Makes every campaign look profitable until cash runs out at month 6.

The Framework

Most teams calculate: Ad Spend ÷ Installs = CAC. True CAC is typically 20-40% higher.

Formula

True CAC = (Media + Creative + Tools + Team Allocation) ÷ Installs

MediaAd spend across all channels
CreativeProduction, iteration, testing costs
ToolsMMP, analytics, attribution platforms
TeamAllocation of UA team costs
HiddenApp store fees on trial conversions

The Blended Metrics Trap

Blended metrics mask channel-level disasters. What the dashboard shows as a healthy 2.8:1 LTV:CAC might hide:

Organic7:1 (carrying the average)
Apple Search Ads3.2:1 (healthy)
Meta iOS1.4:1 (bleeding)
TikTok0.9:1 (disaster)

The “healthy” blended ratio is hiding two unprofitable channels eating 40% of budget. Split everything by channel AND platform. Every channel should justify itself independently.

What Actually Matters

  • D7 retention predicts trial conversion
  • D30 retention predicts subscription LTV
  • 90-day cohort revenue beats 12-month projections
  • Channel-specific analysis reveals what blended hides

The Tools

True CAC Calculator

Input your real costs across all categories and see your actual customer acquisition cost — not the flattering version.

Try Free →

Retention Payback Calculator

Model retention curves and calculate real payback periods instead of relying on LTV projections.

Try Free →

Related Issues

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