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YES,,,, THATS TRUE, IF YOU GO INTO CALCULATIONS ,,, IT COST MUCH ,,, SO IT IS ALWAYS HANDY TO WORK ON RETAINING THE OLD CUSTOMERS BY EFFECTIVE STRATEGIES ======== GOOD DAY
retaining old customers would never be costly, as the understanding and bonding matters a lot. u can take business from old ones and even they could help in generating new contacts without expense.
According to retention dynamic and marketing funnel theory : acquiring new customer is5 times more expensive than to retain old one
in all cases your annual customer attriation must not exceed10%
Obviously Acquiring new customers is expensive than retaining the old customers coz already a bond has been established between the company and the customer.To retain all we have to do is to focus on Customer satisfaction.But To acquire new we apply various methods like Advertising etc which cost the company.Moreover retaining the old Customer itself a way of marketing and advertising coz it is through word of mouth our product is spreading ovr the market.Another most important thing is marketing is all about creating needs in the case of old customer need has been already created.
No. I mean, it's not necessarily be expensive if you know how to optimize your marketing effort and strategies.
It is the main concept of marketing, i.e., demand management.
If we make the required PR with our old customers, then aquiring new customer is more expesive than keeping the old ones.
Yes it is and that's where customer engagement programme plays an important role. However with changing scenario and use of technology to reach the end users, the impact is getting minimized.
This depends upon the Quality of Goods and Services provided: i.e Historical considerations
If enjoy a very good reputation from your existing clients acquiring new customers will be comparatively expensive.
For existing customers a nice presentation along with sharing of essential inform will do.
If you think outside the box you could come out with many different ways to acquire new customers. Social Media is one of the cheapest ways to do so, among other medias.
