Every year, marketers spend billions of dollars attracting new business – on average, marketers spend 56% of their marketing budgets on acquisition. But as we explore in our new ebook, Improve Customer Acquisition with an Engagement Strategy, there’s no point spending on new customers when – for a fraction of the budget – you could be focusing on customers you’ve already earned.
The ROI of Engaging Customers
The truth is that marketing to current customers gets you a higher return on investment. Consider the following stats:
- According to Bain & Company, it costs between six and seven times more to acquire a new customer than to retain ones you’ve already got.
- Repeat customers tend to spend more – as much as 67% more – according to the same study.
- Loyal customers are worth up to 10 times as much as their first purchase, according to the White House of Consumer Affairs.
All of this makes one thing clear: without a rock solid engagement strategy, your acquisition efforts largely go to waste.