If you are working in a service industry or have market inclination, you would agree with me that most organisations prefer customer retention over acquiring new customer. If you are wondering what makes them go after customer retention vs. customer acquisition, there are many parameters involved. The biggest factor which stands out here is the ‘cost factor’.
Did you know that the cost of acquiring a new customer is about five times more than the cost of retaining a previous one?
Or a basic fact that, about 44% organisations prefer customer retention and implement strategies for the same over new customer acquisition.
While both play an instrumental role in shaping the future of your business, understanding what is more beneficial for your business on what stage can help your business grow and prosper more.
In the infographic below published by Sailthru, you can see and evaluate many factors, statistics and strategies which can aid you in building a better audience. Scroll down and leverage the insights!