We introduce a new method to derive lower bounds on randomized and quantum communication complexity. Our method is based on factorization norms, a notion from Banach Space theory. This approach gives us access to several powerful tools from this area such as normed spaces duality and Grothendiek's inequality. This extends the arsenal of methods for deriving lower bounds in communication complexity. As we show, our method subsumes most of the previously known general approaches to lower bounds on communication complexity. Moreover, we extend all (but one) of these lower bounds to the realm of quantum communication complexity with entanglement. Our results also shed some light on the question how much communication can be saved by using entanglement. It is known that entanglement can save one of every two qubits, and examples for which this is tight are also known. It follows from our results that this bound on the saving in communication is tight almost always.