MANAGEMENT

Detailed explanation-1: -Statistics vary from industry to industry, but research indicates that customer acquisition is a far more expensive venture than retention. In fact, it may cost up to 5 times more to acquire a new customer than to keep an existing one.

Detailed explanation-2: -Customer acquisition & retention marketing stats Acquiring a new customer can cost five times more than retaining an existing customer. Increasing customer retention by 5% can increase profits from 25-95%.

Detailed explanation-3: -Did you know that it’s 6-7 times more expensive to acquire a new customer than it is to keep a current customer? The probability of a sale from a brand new customer is only 5-20% whereas the probability of a sale from an existing customer is between 60-70%.

Detailed explanation-4: -4. Your existing customers are 50% more likely to try new products and services your company releases, and they’re willing to spend 31% more compared to your new customers. (Invesp)

Detailed explanation-5: -It costs five times as much to attract a new customer than to keep an existing one. 44% of companies have a greater focus on customer acquisition vs. 18% that focus on retention. Only 40% of companies and 30% of agencies have an equal focus on acquisition and retention.