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Home 🌿 Marijuana Business News 🌿 The Art of Customer Retention - It's a Big Deal No Matter Where You Are 🌿The Art of Customer Retention - It's a Big Deal No Matter Where You Are
If you have ever read a book on marketing, you probably know that it costs a great deal more to find a new customer than it does to hold on to an existing one. This fact is included in so many marketing texts for two reasons: It’s true — and it’s incredibly important.
Why is customer retention so important? Let’s begin with the obvious; precisely because it’s less expensive. Yes, much less expensive. Commentators claim that snaring a new customer costs anywhere from two to five times as much as keeping an existing one.
For a young business (and at this point all cannabis businesses are young), with a limited marketing budget, it is crucial to use those marketing dollars efficiently.
I’m not suggesting that you ignore new customers. What I am saying is that with limited resources, it makes sense to allocate some of your marketing spend to keeping...
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