Gaining the first customers were essential to start my company, as we put a limited amount of money to kickstart and launch the product.
We had a growing list of leads month after month. From an initial meeting to close a deal, our sales process could take more than 1 year! Customer acquisition was becoming time and money expensive as we gained our first customers and had new projects to deliver.
After a while, we decided to focus on customer retention over customer acquision.
Why?
Do you prioritise retention over acquisition? Why? Why not?
This is a debate, upselling or selling to new customers. What has more ROI?
It depends on the business, cost to acquire new customers, average LTV, etc. As almost everything, there’s no right or wrong