The fact that retaining existing customers is less expensive than acquiring new ones isn’t exactly a novel idea. It’s very well documented that customer acquisition costs 5x to 25x more than customer retention does.
So then why are so many of our marketing metrics focused on the end goal of new customers?
Back in the day, retention was relegated to sales or support teams. But we all know that as the lines between sales, support, and marketing get blurrier, it’s up to all of us to foster these relationships and, so to speak, pick that low-hanging fruit.
Watch this on-demand webinar for a deep dive into what we as marketers can do to guide prospects on the journey from discovering our brand all the way through to becoming life-long loyalists.
Why companies need to set their priorities on customer retention
How focusing on customer loyalty can boost your marketing results
The characteristics of brands that build loyalty