What is the difference between retention and acquisition costs?
An example of an AI chatbot conversation about retention vs acquisition costs in business.
What is the difference between retention and acquisition costs?
Retention costs refer to the expenses incurred to keep existing customers, while acquisition costs are the expenses to attract new customers.
Why is it important to focus on retention costs?
Focusing on retention costs is crucial because retaining customers is often cheaper than acquiring new ones, leading to higher profitability.
Can you give me some examples of retention strategies?
Sure! Examples include loyalty programs, personalized communication, and excellent customer service.
How can I calculate my customer acquisition cost?
You can calculate it by dividing your total marketing expenses by the number of new customers acquired in a specific period.
What are the common metrics to measure retention?
Common metrics include customer retention rate, churn rate, and customer lifetime value.
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