Definition
Customer acquisition
Customer acquisition is the overall process of attracting and converting new customers, spanning marketing, lead generation, and sales. It is measured by cost and efficiency. Balancing acquisition against retention and lifetime value is central to growing a business profitably.
Customer acquisition covers everything involved in gaining a new customer: getting noticed, generating leads, following up, and closing the sale. It is the growth engine that brings fresh business through the door.
Acquisition must be weighed against its cost and against retention. Winning customers is worthwhile only if their lifetime value exceeds what it cost to acquire them, and it is usually cheaper to keep existing customers than to constantly replace them. Efficient acquisition plus strong retention is the formula for sustainable growth.
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