Your ability to attract and retain new customers will ultimately define the long-term success of your business
Regardless of your business model or size, the one defining factor in your long-term growth will be your ability to acquire new customers. And this takes a considerable investment of time and money – as well as some fresh thinking.
For example, British wine retailer Majestic Wine are currently spending an estimated £100 on every new customer in order to change their exclusive image and boost their market share. Other companies spend more and some spend less to varying degrees of success.
One thing is for sure – acquiring new customers is an expensive business. But there are steps you can take to cut your customer acquisition (CA) costs at the same time as boosting your levels of new customers.