Building Trust, Saving Costs
Acquiring new customers often involves significant marketing and advertising expenses. You may need to invest in advertising campaigns, pay for lead generation, or offer promotions to attract new customers.
In contrast, retaining existing customers may require less marketing expenditure, as you can rely on ongoing relationships and word-of-mouth referrals.
Existing customers have already established trust in your brand and have a level of loyalty. They are more likely to make repeat purchases and potentially become advocates for your brand, promoting it to others. New customers may need time to build trust and loyalty.