Are existing customers becoming more important than new ones?
Like most marketers, you may focus mostly on winning new customers and less on retaining existing ones. But is that right? Prevent getting tunnel vision for acquisition and discover why retention also deserves your attention in 2021. Should you choose for acquisition or retention? Ask marketers this question and you will face two different camps. Similarly with branding and performance marketing, or ‘data-driven’ and ‘gut feeling’. But as always it is not an OR story at all, but an AND story. A successful company works on winning customers and retaining customers. Acquisition and retention By acquisition, we mean the winning of new customers. Think of an online example of a sports retailer who purchases campaigns on Google on general keywords, like sneakers or running watches. By retention we mean the increase of the ‘customer lifetime value’; retaining…
