Customer acquisition vs. customer retention, [where should your focus be?]
Most companies I consult for are hooked in to acquiring new customers and rightly so. Quite simply, without customers, you are doing not have a business. Getting vital traction (as a startup) and building your customer base as a longtime business determines your success and survival. However, there’s an enormous change within the way consumers buy products and services.
Today’s smart and savvy customers aren’t swayed by marketing hype. they’re hyper-researching and validating everything. they are doing not trust advertising as they wont to , and so, it’s very challenging to succeed in , nurture and convert your prospects. There is a flip side approach to growing your business. Given that potentially 80% of your business comes from 20% of your customers, and therefore the cost of customer acquisition is such a lot above retaining them, customer retention and loyalty should be your priority. The question is; what are you doing to make ultra-loyal returning customers who also will spread the great word about your business?
A recent survey indicated that organizations that relate to their customers quite 10x a year have 300% more profit quite people who lost contact with their customers. We are talking about great customer lifetime value here. So, are you thinking of your customers as your marketing team? you ought to be! Engage with and delight your existing customers and see what happens to your business. Delighting and retaining your customers has never been more critical today. during a hyper-competitive economy, and with customers on top of things of your brand, customer experience becomes your key differentiator. While getting new customers is certainly important, that specialize in retaining those you’ve got , should be a priority.
Infographic created by First Data, an ach processing company
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