What is the impact of customer retention on customer acquisition cost (CAC)?
An example of an AI chatbot conversation about the relationship between customer retention and CAC.
What is the impact of customer retention on customer acquisition cost (CAC)?
Customer retention significantly lowers CAC. Retaining existing customers is cheaper than acquiring new ones.
Can you explain why retaining customers is cheaper?
Sure! Retained customers often require less marketing spend and are more likely to make repeat purchases.
How can businesses improve customer retention?
Businesses can improve retention by enhancing customer service, offering loyalty programs, and personalizing experiences.
What metrics should I track to measure customer retention?
Key metrics include churn rate, customer lifetime value (CLV), and repeat purchase rate.
Is there a specific percentage of retention that is considered good?
A retention rate of 75% or higher is generally considered good, but it can vary by industry.
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