What would you pay? - Ideal Result
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What would you pay?

I set up a Chase bank account last night.

Well, I say set up, I clicked a few buttons and I’m on the waiting list.

Why the wait? Simple, they’ve been inundated with applications, thanks to their referral scheme, which gives £20 to the referrer and the referee (not Mike Dean).

One of my friends was scouting around for potential referrals, and I said I’d be one.

I don’t mention this to extol the virtues of a referral scheme, but to highlight that Chase know exactly what they’re prepared to pay to get a customer.

Might sound elementary, but the truth is most businesses don’t.

And when you don’t know what you’d pay to get a customer, it makes choosing the right marketing a lot more challenging.

Google Ads might be the best possible way of reaching your target customer, but if you’ll only pay thruppence a customer, chances are that the numbers won’t stack up.

You might be able to reach your audience with a full-page ad in The Sunday Times, but unless you sell something high value, chances are you’ll end up in the red.

Understanding what you’ll pay to acquire isn’t the easiest task – you’ve got to crunch the numbers, work out your profit margin, and decide what you’re prepared to use as marketing spend.

But when you do it, you’ll have total clarity on what you could and should be doing to market your business.

So why not do some fag-packet maths today?

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