Customer acquisition : Should companies plug the leak or keep filling the bucket? [White Paper}

Acquisition vs. retention: Where should brands focus?

This white paper delves into the customer life cycle and addresses the dilemma about where enterprises should put their focus – on customer acquisition or customer retention?

It also highlights how this dilemma impacts the CIO and innovation, as well as some of the outcomes for business and customers.

Problem Statement: The old debate stands: should companies focus on customer acquisition over retention?

Despite the fact that the cost of bringing in new customers is much higher than the cost to keep existing customers, companies place a disproportionate focus on marketing and advertising in order to attract new customers.

In doing so, they create what’s called “the leaky bucket syndrome,” i.e., as fast as companies are bringing new customers in the front door, existing customers are running out the back door. Should companies plug the leak or keep filling the bucket?

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from TheMarketingblog http://www.themarketingblog.co.uk/2019/03/customer-acquisition-should-companies-plug-the-leak-or-keep-filling-the-bucket-white-paper/