Customer Acquisition and Retention

Effective customer acquisition and retention strategies can distinguish successful organizations from unprofitable ones. The famous adage that: retaining a customer is almost 7 times cost effective than acquiring a new one holds for many organizations. It turns out that the probability of such customers trading with your company is about 60-70 per cent. In the current highly competitive market, it follows that if they interact more with your organization, they are interacting less with other organizations, which may be striving to attract them.

Often, attracting and retaining customers involves multi-step procedures that may include quick and simple tactics different from your competitors. But the strategies can be more complicated than that. Even your most effective techniques may fail if you don’t connect with the customers on a deeper level. You need to understand your customer's perspectives, needs, concerns, and biases and use them to create a satisfactory customer journey to increase retention.

So, what steps can companies take to attract and retain customers? It all starts with the strategies that build loyalty and improve customer experience.

Strategies that Increase Customer Acquisition and Retention

To retain customers, drive growth and reduce churn, companies should become more customer-centric and deliver experiences that delight, wow, and inspire loyalty. Here are some pillars that help in building such vital relationships.