Why are we so obsessed with acquisition when everyone agrees retention is crucial?
Here’s why:
Retention follows acquisition
You need customers before you can retain them.
Early-stage focus
Businesses prioritize acquisition initially to build a customer base.
Once they gain traction, transitioning to retention strategies isn’t always well-defined
No “retention hacking.”
Growth hacking is popular, but retention hacking is rare.
Unlike growth, retention couldn’t be hacked.
Quality assumptions
There’s a belief that if a product is good, customers will return.
But this isn’t always true.
Just as acquisition doesn’t happen on it’s own, retention also doesn’t happen on it own.
Long funnels and gestation periods
Retention requires time. You might not see results immediately, leading to a long waiting period.
Cross-functional efforts
Keeping customers happy involves various teams, from customer service to operations.
Driving change across departments is challenging.
Remember, “You can fool some people some of the time, but not all the people all the time.”
It’s not just about getting customers—it’s about keeping them.
What’s your take on this?
Why brand doesn’t a brand prioritize its retention efforts?