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Showing posts with the label Customer retention

Customer Retention Versus Customer Acquisition

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This has been one of my top marketing guilt trips ever: customer retention versus customer acquisition--& I stand--guilty as charged--customer retention all the way. Image credit: http://tnw.co/NZtNqa In the barrage of constantly shrinking bottom-line pressures, new customer acquisition costs as well as customer maintenance costs, it would appear obvious that marketers would throw their money on maintaining & retaining current customer accounts. I wish--& more often so. Marketers are constantly forced to find newer niches, newer premium-set of target groups to sell existing product lines, sometimes at grave costs of depriving current customer accounts of the depth and extent of required marketing activities. Common marketing folklore--now strictly restricted to folklore--& I wish somebody was listening! Retention is likely to be more profitable than acquisition. Customer retention can have a positive impact on acquisition. Customer retentio...