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Conventional wisdom says business success requires steep investment in new customer acquisition.
This is based in part on the reality that acquiring a new customer typically costs five times what it
takes to keep an existing customer. The most successful brands, however, prioritize investment in both
customer acquisition and retention marketing. This approach enables brands to realize significant
gains resulting from higher retention rates and expanded repeat business. It also enables brands
to better connect with current customers on an emotional level, helping to create brand advocates
who enable invaluable word-of-mouth marketing with every shared purchase, use, and preference.
How is this possible?
The answer lies in seeing past the mistaken notion that a high-value retention strategy is too
expensive to pursue. Personalized customer experiences and loyalty programs are two of the
most effective tools for B2C organizations to cultivate brand loyalty at scale. However, retailers
and service providers often falsely assume that customer personalization and loyalty programs
must be technically complicated, and therefore prohibitively expensive, in order to be effective.