What is a customer worth to you?
Often in marketing we talk about price per piece, cost per thousand, cost per lead, etc. A focus on the expense involved tends push our thinking toward all the things we can do to reduce costs. This can and does distract us from what should be the real discussion: what is a new customer worth?
When we understand that, then marketing becomes seen as a true investment. I once heard about a professional services firm that sent crystal chess boards to the presidents and CEOs of prospective clients as a high impact lead generation piece. This tactic must have cost the firm $200-plus per package. Send this high-end direct mail piece to dozens of prospects a year and the costs really start to add up, right? Now consider that firm was after six- and seven-figure deals and it is easy to see that one new business win easily justifies even several years’ worth of using the same approach.
Often in B2B marketing we support direct sales efforts for high-involvement, big ticket purchases. First determine what that new customer is worth to your organization and now decide what you are willing to do to make sure you get their attention.