You’ve probably heard the statistic that it’s 5x more expensive
[https://www.forbes.com/sites/blakemorgan/2019/04/29/does-it-still-cost-5x-more-to-create-a-new-customer-than-retain-an-old-one/?sh=73ab36503516]
to keep a customer than it is to obtain a new one. (Or 10x more expensive, or
25x… this stat has been making rounds for a while.)
Whatever the exact figure is, it’s a critical point for business owners to
understand. This is especially true for ecommerce businesses, where competition
g
