It costs five times more to acquire a new customer than it does to retain an existing one. Yes, you read that correctly. Customer retention and loyalty are key to an effective revenue strategy. So why do companies spend so much of their time trying to reach new customers instead of focusing on the ones they already have?
Some of this could be due to the fickle nature of customer behavior in recent years. It’s increasingly difficult to capture and keep someone’s attention, and the number of touchpoints needed to drive a....