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.
#954 Listen toThis
#953 Create Human Centered Content
#952 What Will Your Offer Web Visitors?
#951 Strategic Marketing
#950 -Sales Stories
#949 Write Yourself a Letter
948 A New Take on PPC
#947 Selling the Dream
#946 Burn the Boat
#945 Why Do Storytellers Have More Fun?
#944 - Absolute Marketing
#943 - A Good CTA Drives Action
#942 Leverage Other People’s Platforms
#941 Lessons from a Lifelong Networker
#940 - The Conversion Form - Where the Magic Happens
#939 Build Your LinkedIn Brand
938 -Use a Quiz to Find Your Best Prospects .
#937 Build Better Landing Pages
#936 The Multipurpose Business Plan
#935 How to Raise Your Price
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