The Cost of Customer Acquisition (COCA) asks how much will we spend on acquiring new customers. It’s easy to optimistically underestimate this expense, but be as real as possible when you go through this calculation.
There are important factors to include in your calculations: sales staff salaries, brochures and website costs, tradeshow exhibits, advertising, etc. Costs also include those sales and marketing efforts that were unsuccessful in securing customers, not just those that successfully reached new customers.
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There’s nothing magic about being a successful entrepreneur. It’s a learned skill, and in Disciplined Entrepreneurship, the author details 24 steps to a successful startup.
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