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Brands still ‘prioritising’ customer acquisition over retention
New customer acquisition is considered the third most important metric for gauging marketing effectiveness in 2024, behind ROI and delivering business outcomes.
Businesses are continuing to prioritise acquisition of new customers over rewarding and retaining their existing customer base, new data shows.
Marketing Week’s exclusive 2024 Language of Effectiveness survey of more than 1,200 marketers reveals a third (33%) of brands analyse new customer acquisition in their suite of effectiveness metrics. However, only just over a quarter measure customer lifetime value (26.2%) and customer retention rates (25.1%).
Indeed, customer retention is the second least popular effectiveness metric behind brand affinity (24%).
