The ability to consistently bring new clients into the fold can produce a meaningful return on investment, depending on the cost valuation of marketing plus product or service sales. Many companies spend hundreds of thousands of dollars, if not millions, per year to keep the acquisition cycle churning month after month. While bringing in new customers has a place in every business model, competition and the vast array of options in many industries make it increasingly more difficult to retain customers for long periods. Customer value over an extended period yields seven times more than customer acquisition. This means most businesses should focus as much, if not more, attention on maintaining their current client base rather than constantly seeking out more clients.
To keep customers loyal to a particular brand, a tremendous amount of value must be placed on the relationship. Gone are the days when customers simply enjoyed the ownership of a new purchase. Many customers today are seeking exclusivity, engagement, loyalty, and communication.
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