Companies spend a huge amount of time and money on customer acquisition.
And why shouldn’t they? After all, growing a business significantly is usually best accomplished by growing the number of people who pay for its products and services.
But customer acquisition isn’t the be-all and end-all of building a successful business. In fact, examples abound of companies that were quite successful at acquiring customers but not very good at making money.
That’s not entirely surprising giving that today, many markets, from retail to financial services, are more competitive than they have ever been, which is reflected in higher-than-ever customer acquisition costs.