What do you think is a better choice for an organisation- Customer Retention or New Customer Acquisition?

Answer is clear : Customer Retention

 

According to the new competitive market situation consumer retention is an important one that every company wants to retain their existing customers. Consumer retention is help to acquire new consumers and also improve good will of the organisation. so every company is focusing retention of their existing customers.

If you don't handle Customer Retention well you will lose the New Customers too.

Customer retention is better than new customer attraction. Attracting new customer is harder and costly than customer retention(Arora and Saxena,2013).

any organization should care about there old Customers , and in the same time looking for  new Customers

It depends on a firm's perspective. If a firm's core business is support and services, then Customer retention becomes the ultimatum and if the firm is a product based firm, then new customer acquisition. However in the modern business world product and services go hand in hand and hence in my opinion both of them play an too important equal role. 

Better choice for an organization is, Customer Retention. Because Old is Gold.

Customer Retention is better as if you do so, that will contribute to the Customer Acquisition effectively. Customer Acquisition is also more difficult than the other one as it needs more steps to establish and build the right relationship and maintain it. 

Aquairing new customers is very important for any organization. However, retain an existing customers is much important because the existing customer organization plan to retain will create a loyalty and strong word of mouth that will play a critical rulls in gaining new customers. Also, it is good to mention that if existing customers try products one more time or for several times that means they are happy and satisfied about the product. So, they will stay with you for ever. Unlike, new customers who might replace you with another brand easily. In my opinion both strategy are important to have competitive advantage in the industry.

The right course is customet retention because it leads to customer loyalty much faster beside loyalty is the key determinant of an organisation’s success.

l agree with many of the comrades like Alex,Raksha and Naffay but disagree with some of them like Hikko Tura.lt is my strong opinion that every company needs clean growth and a big profit margine. Both Customer Retention and Customer Acquisition cannot be ignored. Business success is never a one way traffic in the digital world. But cost effective must be put in a strong consideration to adopt both strategies. Many research shows that customer retention and acquisition are ultimate tools to every organization.

In the new world anwser, I believe new customer acquisation is important looking at how the markets are emerging and competitors piling up the market with there products. Companies shoud now waste time in retaining the old ones and create marketing plans which are sutied for them which is again old and ugly. Always looking for new customers makes the companies to think of new ideas in the market to attract new customer which makes them active and interactive in the industry. People are looking for companies which are interacting with them even if they dont use there products which is why I say you should not focus only of customer retention but have a bright vision on Cusomer Acquisation..