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How Much Is Customer Worth?
Do you know how much each customer of yours is worth?
To truly understand their value, you must understand their Lifetime Value. The Lifetime Value of a customer is the total dollar figure your customer will spend over their lifetime with you. For some companies, this can be up to 5 years or more, for others it is just once.
For example, a Bride is likely only to use a wedding photographer once in their life, whereas a business owner might stick with their accountant for many years.
If you take the accountant example, say the average annual fee is $3,000 and the customer is likely to keep his accountant for 7 years, the total Lifetime Value would be $21,000. This would mean each client is worth on average $21,000 to the accountancy practice.
This is now where you can begin to understand your marketing budget. The accountant can afford to spend many thousands of dollars attracting each new customer before making a loss.
Of course the least amount possible is desired so understanding the Lifetime Value will allow you to not overspend on your marketing budget.
Understand this and you are well on your way to developing your marketing strategy.
Contact Us and start developing your winning strategy with BusinessNET.
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