A guy named Brent really helped me out at the beginning of my business and I’m passing the lesson along to you. He showed me the importance of tracking everything. From the amount of calls, emails, consultations to customers and lost customers.
The beauty in tracking everything is that you can start to learn things that you would have never known before. Things that really tighten up your marketing strategy and save you money. Take the cost of acquiring a new customer. This number is important to calculate to make sure you’re making a profit and not over spending on marketing.
It’s a simple equation, calculate last years marketing budget and divid it by the amount of new customers you gained. This would be your average Cost of Acquiring a Customer. If you’re a new business still in the testing phase, keep track of what you’re doing so you can better analyze it later.
Once you know the cost you can now project how many more customers you want, how much that will cost and what marketing channels are more likely to get you there.
Also published on Medium.