How Much Did That New Customer Cost You?
In his book, The Fusion Marketing Bible, author Lon Safko focuses on ways to analyze your marketing efforts and leverage synergies across platforms to produce the best results. In this edited excerpt, Safko lays out the crucial steps to determining your plan's effectiveness: the cost of customer acquisition.
Every business should look at its cost of customer acquisition twice a year and after each campaign. The old business adage goes, "You can't manage what you don't measure." Yet we fail to measure these costs all the time. We seldom take the time to see how effective our marketing was.