Are you more focused on retaining or acquiring customers? More than 60% of retailers consider customer acquisition to be their most important challenge for 2018, according to data from IgnitionOne. But the cost of acquiring customers is a major hurdle: Attracting a new customer costs a retail business 6X to 7X more than retaining an existing one, according to Bain & Co.
Finding the right balance between retention and acquisition can be a struggle for retailers. But when they find their "sweet spot," they can maximize customer engagement and improve marketing ROI.
This special report will explore key trends around customer acquisition and retention, including:
- How retailers can identify the right customers worth acquiring and retaining;
- How brand excitement has become the new driver of customer loyalty;
- Why stores are taking on marketing roles;
- Why Prime Day is the modern example of customer acquisition and retention success; and
- Why traditional retailers such as Macy's are abandoning transaction-based loyalty program formats.