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Are You Sitting on a Customer Retention Goldmine?

Entrepeneur 15 Sep 2020 06:15
Are You Sitting on a Customer Retention Goldmine?
Image credit: Omar Osman | Getty Images
6 min read
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Conversion rate optimization is generally viewed from the lens of customer acquisition: "How can we A/B test different aspects of our marketing campaigns and storefront to boost sales?"

However, what happens after the sale? What happens when the customer you’ve been barraging with ads about how amazing your product is doesn’t see or hear about you after the sale, or worse, sees the identical acquisition ads over and over?

It’s natural that every entrepreneur should want to optimize every facet of their business. For most, customer acquisition is the shiny exciting number that screams growth, but it shouldn’t come at the expense of building a long-term customer retention strategy that aims to convert new customers into champions. 

Follow the money: Retention > acquisition

Retention is a more efficient and effective means to generate revenue that would have cost multiples through other customer acquisition strategies; it’s said to up to five times cheaper to get an existing customer to buy again rather than to get a completely new customer. 

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