Brands should consider consumer lifetime value to plan lead acquisition budgets.
To efficiently maximise leads, marketers should create a detailed budget for their lead acquisition strategy. Choosing marketing channels by leveraging buyer personas can help marketers define the funnels to capture leads. Businesses can then create landing pages for each marketing channels based on their requirements.
This piece suggests that brands should calculate customer lifetime value by using a simple formula, customer lifetime value = average annual customer value × average subscriber lifespan. Alternatively, brands can also use available online tools to track leads conversions and calculate ROI on customer acquisition costs.
Marketers should further calculate the rate at which leads are converted to predict the number of consumers they can acquire from targeted leads. It can help brands to improve their marketing efforts and create engaging campaigns.
[6 minute read]