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.

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