The cost of acquiring a new customer is, at a minimum, 5x higher than the cost of retaining an existing one. So, unless you are retaining every single one of your customers, it makes more sense to spend $5 retaining 5 customers than it does to spend $5 acquiring 1 new customer. Yet many businesses continue to spend disproportionately on customer acquisition.
The majority of this customer acquisition cost is spent on marketing to prospects during the discovery, exploration, and buying phases of the buyer's journey. And so a lot of businesses are looking at software solutions to help with these early phases of the customer life cycle. But what happens after you acquire a customer? How do you continue to offer the high level of digital engagement that today's customers require to stay loyal to your brand?
If you've fallen into the trap of focusing more dollars on customer acquisition than on retention, stop. Join our webinar to learn about the ROI of customer acquisition versus retention, and why you should shop for a solution that helps you throughout the entire customer life cycle.
Distinguished VP, Service Technology Research, TSIA
Publish Date: September 6, 2018
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