A few weeks ago, I was talking with Larry Rice, from Rice Consulting, about using data and financials to drive marketing decisions. Larry is a fantastic accountant on the South Shore of Boston. But he's much more than just a numbers guy. He understands business and how it works. So, he's become a tremendous help to me in discussing my own company and its systems.
Larry reminded me of the huge concept of the "lifetime value of a customer." It's a simple calculation with really huge results. Watch our discussion, and then see how that conversation impacts the way you view the costs involved to gain a customer.
Glad you asked.
What about you? What did you learn about the lifetime value of your customers?