Thread by @darth_na

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::: Retention > Reclaiming > Acquisitions :::

(Caveat - usually)

For many businesses, it is typically cheaper, faster and easier to keep existing consumers/clients than to try to win them back.
(Subsequently, it's cheaper to win them back than get new)

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via @CarrieHill

https://twitter.com/ErinJones/status/1451272608314445832

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Far to often though, you will see businesses get this wrong.

And not just SMBs, but look at Banks, TV Service providers etc.

They will offer all sorts of deals to get new consumers,
but don't offer the same/similar value to reward existing ones.
(threaten to leave ;))

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The typical mindset is existing clients/customers are "banked money" - they own you, you're a safe couple of quid, you don't need nurturing etc. (your money is theirs, already!)

So their efforts go on Clawbacks (recently left) and Acquisitions (inc. Poaching!).

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Their maths is terrible!

Often Acquisition is costly and time consuming.
So are Reclamations.

Where as it only takes a little time, a little money, to ensure your existing user base/customers/clients are Happy, and going to keep handing over their money!

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The caveat :
There are businesses/purchase types that don't fit the above (typically high-cost, high-risk, low-frequency/rare purchases - but even then, it's worth looking at re-converting them, as the margins are massive, and the cost ratio's still tend to exist!)