Jim put more money in the business. He decided it was time to get more money from his current audience. The group’s current efforts were not visibly successful. That did not stop Jim from believing that the right tactic could cost a dollar and reduce their advertising and marketing cost by $11 per new sale.
Mike J. had suggested controlling customer acquisition costs in a strategy. Jim realized that our customer list has great value to Mike J. and other investors. If customers will continue to buy and buy again then they wouldn’t lose more money as sales built up.
Although there was lots of sales data, Jim didn’t have the time to analyze it deeply. He didn’t know how fast customers bought again even though the data was there.
At the next company meeting, Jim wanted to talk about increasing customer repurchase. Sharon suggested more social media ads were the path to more customers. Adam pointed out that only 5% of customers were buying a 2nd time. He felt that more ads and coupons for a subsequent purchase were an answer.
He told Adam and Sharon just to keep doing what they had been so far. He was going to bring in another marketing resource. Sharon frowned but said nothing.
Choice Yes to a vendor, no to internal efforts
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