Both customer acquisition and retention are important for the growth and success of a business. Acquiring new customers is essential for expanding a business's customer base, but retention is crucial for maintaining and growing revenue.
Acquiring a new customer can be 5-25x more expensive than retaining an existing one, so it's important to focus on both acquisition and retention for a sustainable growth strategy. Repeat customers are more likely to spend more and recommend a business to others, leading to a larger customer base and increased revenue.
Furthermore, it's important to remember that satisfied customers are more likely to return and refer others, which results in both acquisition and retention. The two factors are interdependent and work together to drive sustainable growth. Visit involve.ai to learn more and see how we can help with retention!