Customer Acquisition vs Retention
Customer acquisition and customer retention are both an important part of a business level strategy. However, which one should your business focus on? Customer Acquisition could provide more opportunities for internal investment. Whereas customer retention could be less costly and provide better feedback for the overall product/service being sold. There are also several downsides to focusing too much on customer acquisition and retention. The best way is to integrate and balance both of them. Make sure to check out the infographic below for more information about the benefits and dangers of focusing on customer acquisition and retention. It will also further discuss how to balance acquisition with retention.
Infographic created by First Data, a EMV credit card processing company