The cost of customer retention is higher than the cost of acquisition

Name: The cost of customer retention is higher than the cost of acquisition
Brand: Quizplus
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Question

Quizplus · Accepted Answer

It is generally accepted that the cost of retaining an existing customer is lower than the cost of acquiring a new one. Retention strategies often involve maintaining relationships and encouraging repeat business, which typically costs less than the marketing and sales efforts required to attract new customers.

The Cost of Customer Retention Is Higher Than the Cost