
Should You Focus On Customer Acquisition Or Customer Retention?
In a world where lead generation seems to rule the marketing funnel, it can be easy to focus on acquiring new customers. After all, you need to sell more to make more, right? So naturally, most businesses focus on expanding their customer base to achieve this increase in revenue. However, the old adage remains true as well. It’s cheaper to retain a customer than it is to acquire a new customer. Which means we should be focusing on customer retention at all times. Seems like a contradiction in focus, doesn’t it? Here’s the thing. A business should be focused on customer acquisition AND customer retention. You want to gain new customers while keeping existing customers. A natural churn rate is unavoidable. However, there needs to be a conscious effort to…