I was thrilled when a journalist from American Express reached out to interview me about the importance of retaining customers. The article focused on retention vs. customer acquisition. In other words, should companies focus on getting new customers? Or keeping the customers they already earned.
Should you focus on retention? Or acquisition?
Here’s what I had to say…
“Ever wonder where you should focus business resources when it comes to the cost of acquiring new customers vs. retaining customers? It’s a trick question, according to Ali Cudby, who is CEO of Your Iconic Brand, a marketing firm based in Indianapolis, Indiana that works with clients to improve customer retention. “It’s never either/or,” says Cudby, who is also author of the upcoming book Keep Your Customers and adjunct professor of entrepreneurship at Purdue University. Rather, she says, both need to be priorities.”