Asked by Tarek Elshafey on Sep 28, 2024
According to research,it costs a firm five to seven times more to acquire a new customer than to keep an existing customer.
Acquire a New Customer
The process of attracting and converting prospects into someone who makes a purchase and becomes a client of the business.
Existing Customer
An individual or business that has previously purchased goods or services from a company, distinguishing them from new or potential customers.
- Comprehend the significance of customer acquisition and retention costs.
Learning Objectives
- Comprehend the significance of customer acquisition and retention costs.
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