Infographic: 13 Facts About Customer Acquisition Vs Customer Retention

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When you’re starting a business of any kind, it can be hard to prioritize your effort.  Where is it best to spend your time and money?  Should you be focusing on customer acquisition with ad campaigns?  Should you be setting up new communication channels for customer retention? 

These are fundamental questions that we should be asking ourselves every time we think about our customers. Everybody knows about customer acquisition costs. Balancing it with the average customer order is one of the foundational metrics of any business. 

What is harder to quantify is what value existing customers have.  How many of your customers order again?  Will existing customers spend more than new customers? 

This quick infographic will give you well-researched statistics so you can make a better-informed decision about how to focus your time and money.

Customer Acquisition vs Customer Retention

Conclusion

As you can see, the facts are clear: Providing superior customer service is worth far more for your business than most people give it credit for. That is not to say that you should forego marketing to focus only on customer retention.  As with everything in life, we must balance keeping existing customers happy and bringing in new customers.

By keeping these figures in mind, you are better armed to balance customer acquisition costs and customer retention costs to make the best decision for your business.

What did you think of the infographic?  Was it helpful to you?  Do you have any other fun facts you’d like to share?

Let us know in the comments below!