It is more costly for firms to try and attract new customers than it is to build a strong relationship with existing customers.

Question

Quizplus · Accepted Answer

It is generally known that it is more expensive for firms to acquire new customers than it is to retain existing ones. This is due to the costs associated with marketing, advertising, and sales efforts required to attract new customers, as compared to the costs of maintaining relationships with existing customers through loyalty programs or personalized communication.

It Is More Costly for Firms to Try and Attract