Acquisition vs Retention – where do you spend your money? Do you spend as much time and money looking after your current customers as you do looking for new ones? A classic error for many businesses, large and small, is to only focus on getting new customers, often at great expense, with little consideration to a customer care or retention programme for those customers already with you. So here are a few thought starters:
- Know your current customer base, and what value they are to you
- Find out how satisfied they are with your product or service. Are they likely to leave in the near future?
- Find out what it means to your business if they leave
- Weigh up the cost of a customer care programme and a new acquisition programme.
Yes, new acquisition is key for any business, but not without a customer care or retention programme to make sure current customers are looked after, and any new customers stay.