Customer acquisition vs. customer retention: a post-pandemic inflection point
It costs 5X more to acquire a new customer than retain an existing one.
But 44% of companies focus more on customer acquisition than retention (18%).
When the pandemic hit, customer retention became paramount. Organisations scrambled to enable a remote workforce, often with band-aid solutions.
Now many are left with a jumbled mess of channel-specific cloud technologies that are difficult to maintain and negatively impact the customer experience.
According to Deloitte, “coming out of the pandemic, companies will need to rethink their approach to customer loyalty and retention. Brands that succeed will use this inflection point as an opportunity to drive transformative change with an eye to the future.”
In a post-pandemic world, where will brands focus?
- What will the split between customer acquisition and retention look like?
- What are the risks of getting 'caught in the funnel'?
- What lessons learned will drive success in the future?
- What steps can brands take to shift their focus for a more balanced approach across the customer lifecycle?
- What critical investments should companies make to ensure future success?
Grab a copy of the white paper to learn more.