Marketing - If You Can't Buy a Customer, You Haven't Got a Business

In this episode, Joel and Martha explain why if you can’t buy a customer, you haven’t got a business. Every business that is serious about growth has to stop relying on referrals and start buying new customers through marketing.
They discuss, working out how much you should be paying to acquire each customer, identifying their lifetime value, the hidden value of loss leader campaigns, and how to crunch the data to make each successive campaign more effective.

KEY TAKEAWAYS

Businesses that don’t do cold outreach stagnate.No business can afford to pay more to acquire a customer than they can make from them.Factor in how often a new customer is likely to buy from you and whether they will motivate others to buy.Marketing is a part of the cost of doing business. It is an investmentPut aside enough funds to enable you to properly analyse the data and establish how effective each campaign was.The only way to reduce your cost of acquisition is to understand your customers better. Running campaigns and learning from them is the best way to do that.

BEST MOMENTS
‘You’ve got to find your people; they’re not going to find you. ´
‘If you don't know what you're willing to spend to acquire a customer, you cannot scale your business.’
‘You’ve got to look at it as an investment.’

VALUABLE RESOURCES
Stay Hungry Podcast Series
Stay Hungry Bestselling Book
Done-for-you marketing: www.codebreak.co.uk
If you're fed up with wasting your time and money on marketing that doesn't generate enquiries and sales - hop on a Codebreak discovery call.
After all, getting lots of 'likes' on your Facebook page ain't gonna make your boat go faster. But up-to-date marketing techniques combined with AI will. A strategy and action plan that attracts buyers rather than tyre-kickers. The Codebreak Crew is here to do all that heavy lifting for you - https://calendly.com/codebreakcrew/discovery-call 

ABOUT THE HOSTS
Joel Stone
Joel Stone is a marketer and disciple of business strategy. After seeing the impact of the 2008 recession, he decided to take control and leave employment to set up in business for himself. He quickly built an award-winning design agency, partnering with Andy on numerous projects until they formed Codebreak in 2019.
Having previously helped brands including GlaxoSmithKline, Diageo, Beta Tools, and Channel 4, Joel’s work has been seen all over the world. He takes pride in applying techniques normally reserved for huge corporations to SMEs throughout the UK. Case studies of Joel’s work have featured in Design Week, The Drum,