Insights

Retention is the New Acquisition

Written by Lisa Bratkovich | Aug 22, 2023 8:35:59 AM

๐‘๐ž๐ญ๐ž๐ง๐ญ๐ข๐จ๐ง ๐ข๐ฌ ๐ญ๐ก๐ž ๐๐ž๐ฐ ๐€๐œ๐ช๐ฎ๐ข๐ฌ๐ข๐ญ๐ข๐จ๐ง. 
 
CEOs and CMOs have been focused primarily on customer acquisition for decades, but that focus is changing. 
 
Weโ€™ve all heard the phrase โ€œ๐ข๐ญ ๐œ๐จ๐ฌ๐ญ๐ฌ ๐Ÿ“๐ฑ ๐ฆ๐จ๐ซ๐ž ๐ญ๐จ ๐š๐œ๐ช๐ฎ๐ข๐ซ๐ž ๐š ๐ง๐ž๐ฐ ๐œ๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ž๐ซ ๐ญ๐ก๐š๐ง ๐ข๐ญ ๐๐จ๐ž๐ฌ ๐ญ๐จ ๐ซ๐ž๐ญ๐š๐ข๐ง ๐จ๐ง๐žโ€ and in most cases, this is true.  
 
Acquisition is still critical and best practices on how and where to acquire new customers are generally well known. But, customer acquisition cost (CAC) is getting higher and higher. 
 
On the flip side, many companies donโ€™t realize how or where to increase retention. As a result, they donโ€™t realize how much money they are leaving on the table. While the outcome of retention efforts can be longer-term, retention improvement is easier to control and less costly. It also increases customer lifetime value (LTV), which leads to higher profits. 
 
At CMO Syndicate, we find clients are amazed at the significant financial improvements they had right at their fingertips once they strategically adopt customer retention best practices.  
 
๐€๐ซ๐ž ๐ฒ๐จ๐ฎ ๐Ÿ๐จ๐œ๐ฎ๐ฌ๐ข๐ง๐  ๐ฆ๐จ๐ซ๐ž ๐จ๐ง ๐š๐œ๐ช๐ฎ๐ข๐ฌ๐ข๐ญ๐ข๐จ๐ง ๐จr ๐ซ๐ž๐ญ๐ž๐ง๐ญ๐ข๐จ๐ง?  
 
What is increasing...your LTV or your CAC? 

 

About The CMO Syndicate

The CMO Syndicate is a diverse group of world-class Chief Marketing Officers who rapidly solve growth and profit problems for CEOs, VCs, CMOs, and PE firms. As global CMOs from the worldโ€™s top companies, The CMO Syndicate is not a traditional marketing consulting agency, and we are not typical marketing or growth consultants. We are growth experts and operators who actually do the work on a part-time or project basis as outsourced fractional and interim CMOs.