9 Essential Customer Retention vs New Customer Acquisition Stats You Need To Know
Acquiring new customers is significantly more expensive than retaining existing customers for a few key reasons. Firstly, businesses must invest in marketing efforts to reach out to potential customers, which can be costly in terms of time and money. Secondly, it typically costs more to attract a new customer than to keep an existing one. It usually requires additional expenses to develop relationships with potential customers and convince them to buy a product or use a service. Finally, businesses must expend time and money training new customers on the product or service, which can be costly.