Did you know that it costs five times as much to attract a new customer, than to keep an existing one?
The first rule of any business is to retain customers and build a loyal relationship with them, and thereby avoid customer acquisition costs. It’s a well-established fact that 44% of companies have a greater focus on customer acquisition vs. 18% that focus on retention. Also, it’s true that only 40% of companies and 30% of agencies have an equal focus on acquisition and retention.
Check-out infographic on this topic and additional studies:
- Customer Acquisition Vs. Retention Costs – Statistics And Trends
- Customer retention vs acquisition
- Googling it
Are you selling your products or services in a subscription based model, using WooCommerce Subscriptions?
If so, you are in immediate need to knowing when your customers are abandoning your subscriptions and have left your service subscription (another way said, when customers have churned) because at that moment the likelihood of them reacting to your retention offers is high and you would avoid five times of the cost of attracting new customers.
Tips and notes
WooCommerce Subscriptions is number one product in WooTheme’s 2014 top products sold. With it, you can offer products and services that require recurring payments in your WooCommerce store. Find out more here.
Our demo platform is updated and you can see both ARC Customers List and ARC Analytical in action. Access demo at this link.
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