In with the Old and Out with the New

Yes, you read it write. In with the old and out with the new. The latest trend shows businesses turning their focus from recruiting to retention. With the cost of acquiring new clients increasing, businesses are starting to put more emphasis on customer retention than customer recruiting. For the same cost of acquiring one new customer, a business can retain seven existing customers.

To help in retention, one of the latest tools for businesses is Interactive Mass Media. Interactive media such as online surveys and customer suggestions will help businesses know what to focus on. By understanding one’s current customer base, one can focus on improving operations or products to meet their customer’s needs. A business’ quality assurance program can also take advantage of Interactive Mass Media.

To further understand one’s customers, and to help build rapport, businesses should also offer their customers the ability to create an online profile. This will help businesses get a better understanding of their customer preferences and demographics. In turn this can offer new insights of their customers, and can help with the development of new services or products, even before the customers suggest it.

In conclusion, gathering and analyzing one’s current customer base will help businesses develop effective marketing strategies for both retention and new customer acquisition.

Works Cited

(July 24, 2008). Use interactive for customer retention and stay in business. New Media Age, 12. Retrieved November 26, 2008, from GaleNet database