How much time, effort and cash should you invest in acquiring new customers?
Most companies calculate marketing budgets based on what the competition are doing (typical industry marketing spend as a % of revenues), based on what resources are required to deliver a marketing strategy, or – all too often – based on what they think they can afford.
A better approach is to calculate the lifetime value of a typical customer, and consider how much time, effort and cash you are prepared to invest in acquiring the customer.
Continue reading “How Much Should You Spend On Acquiring New Customers?” »
