I heard from a Shopify store that they are too busy for customer retention because all their time is focused on customer acquisition.
They didn't realize that they were the ones creating the problem with their business.
When you ignore customer retention, customers will leave. Some might stick around but those will be the minority.
Then to hit your revenue goals you're going to need more fresh customers to replace those who left. Hence, more customer acquisition.
Continue to neglect retention and you'll need even more new customers just to keep up.
And new customers are expensive.
More work to keep up with your revenue goals.
Less profit because of the costs to acquire a new customer.
Plus your store is at the mercy of whatever acquisition source you're using. If Facebook, Google, etc raise their rates, change their rules, or kick you off their platform you're toast.
Sounds an awful lot like why many businesses fail right?
Every store needs some new customer acquisition but not so much that retention is neglected. If your retention rates are low, that's a clear sign of a problem.
Retention might not be as sexy as the latest acquisition tactic but it pays the bills a lot easier.
Finding out what's wrong with your retention can be automated, saving you time to put the techniques in place. Repeat Customer Insights has a variety of retention reports to crunch the numbers for you, along with several that give you advice directly about what you should be doing.
Retain only one or two customers per month and it's paid for itself.