ENTREPRENEURSHIP

Detailed explanation-1: -I’d like to remind you that retaining a customer is much cheaper than acquiring a new customer. In fact, studies suggest that depending on the industry you are in, acquiring a new customer can cost five to seven times more than retaining an old one.

Detailed explanation-2: -Did you know that it costs five times as much to attract a new customer, than to keep an existing one? The first rule of any business is to retain customers and build a loyal relationship with them, and thereby avoid customer acquisition costs.

Detailed explanation-3: -The cost of acquiring new customers is five times higher than the cost of retaining existing customers. While acquisition allows you to increase the amount of customers you have, customer retention allows you to maximize the value of customers you have already captured.