Organizations spend twice as much on marketing to new customers than on existing ones — even though repeat customers spend 67% more than new ones. The bias toward acquisition versus retention is deep-seated: only 20% of businesses use marketing across the entire customer lifecycle.
In addition to the three acquisition stages of the customer lifecycle (awareness, exploration and engagement), retailers also must prioritize six remaining stages in order to reactivate consumers for long-term relationships.
Learn more about how marketers can convert one-time shoppers into recurring ones in this infographic from Manthan.
Source: Manthan.
