You’ve got to spend money to make money.
That’s they say, right? And yet, for some small business owners, a generous marketing budget just isn’t in the cards.
You can skimp on marketing, but I’m willing to bet you haven’t considered something that you should be thinking about…
And that’s the lifetime value of each loyal customer you attract with your marketing campaigns.
You know that it costs more to attract a new customer than it does to retain an existing one – but how much can you really afford to spend to attract a new customer?
Knowing the lifetime value of your customers is the key to creating a workable budget for marketing. That number should dictate how much you spend. Spend too much and you’re losing money in the long run. Spend too little – and you’re missing out on an opportunity to grow your business.
How to Calculate Your Lifetime Customer Value
Don’t know how to calculate the lifetime value of your...