RETENTION COST-ALL YOU NEED TO KNOW
Retention costs are the marketing costs (or marketing investments) that are designed to increase customer loyalty (or decrease switching)
The intention is to increase the length of time that a customer remains a customer of the firm or brand
Acquisition cost
Acquisition is important to draw in new customers and expand the base
Retention is normally less costly and builds loyalty and the brand
Customer retention cost
Customer retention cost (CRC) is how much you spend to keep one customer buying from you for as long as possible
CRC is the cost of customer retention over a specific time………
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