It costs approximately five times as much to get a new customer as it does to keep an existing customer.

Question

Quizplus · Accepted Answer

This statement is generally considered true in the business world. Acquiring new customers involves marketing and advertising efforts, whereas retaining existing customers involves building strong relationships and providing great customer service. These efforts often require less resources and therefore cost less than those needed to attract new customers.

It Costs Approximately Five Times as Much to Get a New