Customer acquisition and customer retention & outline marketing
Explain the difference between customer acquisition and customer retention. Outline one (1) marketing strategy that would help a company accomplish each of these two objectives (customer acquisition and customer retention). Present facts and logical arguments that support the use of the strategy for each objective.
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Solution Preview
Consumer acquisition involves getting a NEW customer to come to your store, and make a purchase.
Customer retention involves getting current shoppers to be repeat shoppers.
Imagine you set up an online store selling shoes. For your store to be successful, you need to attract and retain a loyal customer base. You firstly need to acquire new customers. One marketing strategy would be to offer a promotional code to new first time buyers. ...
Solution Summary
The difference between customer acquisition and customer retention is examined. One marketing strategy is outlined for a company accomplishing both objectives.