Approximately how much more does it cost to attract one new customer than to keep an existing one?
A) twice as much
B) three times as much
C) five times as much
D) about the same

Question

Quizplus · Accepted Answer

It is estimated that attracting a new customer can cost up to five times more than retaining an existing customer. This is due to the higher marketing and advertising costs necessary to get the attention of a new customer, as well as the time and efforts required to build trust and establish a relationship with them. On the other hand, existing customers already know the value of the company's products or services and are more likely to make repeat purchases, resulting in lower costs and higher profits for the business in the long run.

Approximately How Much More Does It Cost to Attract One