Attracting a new customer costs far more than retaining an existing one.

Name: Attracting a new customer costs far more than retaining an existing one.
Brand: Quizplus
Rating: 4.9 (41 reviews)

Question

Quizplus · Accepted Answer

Studies have shown that it costs five to seven times more to acquire a new customer than to retain an existing one. Therefore, it is more cost-effective for businesses to focus on retaining their current customers rather than solely focusing on acquiring new ones.

Attracting a New Customer Costs Far More Than Retaining an Existing