Acquiring a new customer costs, at a minimum, 5x more than retaining an existing one. That means that unless you’re already retaining all of your customers, it makes more sense to spend $5 to retain 5 customers than to spend $5 acquiring a single new customer. Yet many businesses continue to spend disproportionately on customer acquisition.
Take our quiz to find out if you’re spending in the wrong places or leaving money on the table.
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