Customer Acquisition Vs. Retention [Infographic]Mar 10, 2016 - by Linda Bustos
Most marketers know that it can be up to 5x more cost-effective to retain an existing customer than to acquire a new one, yet only 16% of companies put their primary marketing focus on customer retention. At Sailthru, we are working to increase that percentage with technology purpose-built for customer retention. One client at a time, we are helping the most innovative brands in media and retail make the transition to becoming customer retention obsessed, and deliver huge lift in engagement and revenue. The Clymb, an IR 500 Retailer, is one these brands transitioning to a retention centric mindset – download their case study to discover how they generated more revenue while decreasing churn.
Still not convinced that retention marketing should be central to your brand’s goals? Use the infographic below full of data points that create the business case for making the switch to a customer retention mindset! –Sailthru
This infographic hones in on customer acquisition vs. retention, courtesy of Invesp Consulting.
- 44% of companies have a greater focus on customer acquisition vs 18% that focus on retention
- Only 40% of companies and 30% of agencies have an equal focus on acquisition and retention
- 89% of companies see customer experience as a key factor in driving customer loyalty and retention
- 76% of companies see CLV as an important concept for their organization
- Only 42% of companies are able to measure CLV accurately
- Existing customers are 50% more likely to try new products, and spend 31% more than new customers
- Email marketing is reported to be the most effective marketing tactic for customer retention
- Increasing customer retention by 5% increases profits 25-95%
This article is by Linda Bustos from getelastic.com.