Attracting a new customer is five times as costly as retaining an existing one.

Name: Attracting a new customer is five times as costly as retaining an existing one.
Brand: Quizplus
Rating: 5.0 (55 reviews)

Question

Quizplus · Accepted Answer

According to various studies, it is believed that attracting a new customer can cost five times as much as retaining an existing one. Maintaining a strong relationship with existing customers can not only save money but also provide long-term benefits such as trust, loyalty, and positive word-of-mouth referrals.

Attracting a New Customer Is Five Times as Costly as Retaining