Good marketing drives revenue in most successful businesses and doesn’t just happen overnight. The right strategy, approach, creative and plan will guide the expenditure and investment. The best way to develop a marketing budget is to treat the budget as if it’s an investment -in order to deliver an expected, quantified return over time. Begin with understanding the current value of a customer. Then assess the current cost of acquisition, retention budget and the dynamics of the sales funnel. We all know it's on average 10 time more expensive to gain a new customer than retain a current customer. Hence marketing really is an investment and it is vital to look at all aspects of the prospect nurturing process and consider;
– How new potential customers enter in the top of the funnel?
– How much you need to invest to find those new prospects?
– How long a potential customer/prospects need to be nurtured before they become sales leads?
– How can we help move prospects through the sales cycle?
– How many leads are required in-order to drive a sales opportunities? and, finally, how those opportunities are won?
– Then understand how to keep customers with us and build repeat purchases and loyalty?
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