Here's our business, floundering around, barely staying afloat.
The one thing a marketer actually controls is customer acquisition spend / customer acquisition programs. Yeah, I know, your CFO won't let you spend money, but you don't have to spend money to acquire customers. There are countless low-cost / no-cost programs, and the smartest companies run them routinely, constantly outrunning those who spend a fortune.
To get the business to $29.9 million in five years, we'll need a whopping 75% increase in new customers and we'll need to hold steady at that level for five full years.
We now have three scenarios to consider.
- Loyalty programs, which did nothing to solve the problem.
- Improve retention among existing buyers by 15%.
- Increase customer acquisition by 75%.