Customer acquisition refers to the steps you take to gain new customers. This includes marketing, branding, and money spent on ads — anything and everything you do to persuade new customers to choose your brand over another.
Customer retention refers to the actions your business takes to keep customers coming back. This may include an email newsletter, relationship building, reward or loyalty programs, and more.
Without including Customer Acquisition and Retention as part of your marketing strategy, you’ll have much more difficulty reaching anyone outside of your loyal customer circle.
The driving force for every business is new customer acquisition. Acquiring new customers comprises of persuasion of new consumers to purchase your product/services but Customer Retention is also another huge balance in the arena of marketing and selling.