Forum Business & Sales

is it better to focus on new customers or retain existing ones?

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read a lot of references. says customer acquisition is 5-7x more expensive than retention. but in practice, a lot of energy runs out to find a new customer because what's already there is considered "safe."

does anyone have a real retention program? not only is loyalty a often ignored card, but a genuinelly repetitive customer?

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the best program i ran was simple: send a personal message when there's a new slot coming in, give first access to the customer long before it becomes public. they felt valued because of exclusive information, not because of discounts.

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more actionable number: What is Customer Lifetime Value average of your customer? If the CLV is low, the problem may not be the acquisition versus retention, it's product or experience.

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i've never been proper to CLV. The simplest way to calculate it is how?

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Simple CLV: average order value times average purchases per year times average how many years the customer is active. from there can see how much maximum is worth issued for an acquire one customer.

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subscription is most effective for force retention. but building subscriptions aren't easy. for the unprepared: minimum follow-up after the first purchase. many never follow up at all.

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for a small roastion, focus on the retention that's more cost-effective and high-impact than the chase acceleration continues. 20% of the best custom is usually the 60-70% resort.

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simple referral program could solve both. satisfied customer existing refer new person, both able to benefit. acquisition cost down, retention up because customer feels part of something.

is it better to focus on new customers or retain existing ones?

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