Choosing your ceiling
First-purchase payback is the conservative rule: the acquisition cost is recovered before the customer even returns, so cash flow stays safe. It suits tight cash and unproven repeat rates. The lifetime ceiling spends future profit to buy growth — the right rule once your repeat business is real and measured. It is also how funded competitors out-bid cautious ones: they pay for the customer relationship, not just the first sale.
Wherever you set it, the ceiling is a budget discipline: any channel whose cost per customer exceeds it is shrinking your business per sale, whatever its dashboard says.