One of the critical elements of building a marketing budget is understanding what a customer is worth. Why? Because you can't decide how much to spend to acquire that customer if you don't really know the value of that customer.
Too often business owners make the mistake of looking at what the customer is spending today and see that is the only value of the customer. But, if you're in a business where customers come back time and time again, you need to look at the total picture to determine the complete value.
If a customer stays with you three or five years, there's going to be additional sales revenue without that sales expense. And, there's more. When the customer really knows you and loves you they are more likely to talk about you to their friends and their families. This goodwill has the potential to create multiple new opportunities.
So, as you start thinking about how much you can afford to spend to generate leads, you need to calculate the lifetime value of each customer.
#974 - A New Approach to PR
#973 - The Three Truths of Marketing
#972 What Drives Your Passion
#971 Influence Marketing
#970 A.I. Powered Video
#969 Don't be Afraid of SEO
#968 Start with a Process
#967 Get Rich Quick.
#966 Irrelevant Competitors
#965 - Discover the Secret to Getting a Customer to Yes
#964 Improve Landing Page Content
#963 Match Your Strategy to the Stage of Your Business
#962 Be a Magnetic Speaker
#961 Simple Email Tips
#960 - Zencastr and the Future of Podcasting
#959 Sell the Transformation
#958 Start with Original Content
#957 Time to Train Your Team
#956 Simple Video Tips for Small Business Owners
#955 Customer Focused Copy
Create your
podcast in
minutes
It is Free
The emPOWERed Half Hour
Right About Now with Ryan Alford
The Marketing Secrets Show
The Agile Brand™ with Greg Kihlstrom
B2B Agility™ with Greg Kihlström
MarTech Podcast ™ // Marketing + Technology = Business Growth