Focusing on acquisition over retention is "fool's gold" - report
Even though loyal customers are more profitable than new ones, the majority of UK high street retailers are spending more on acquisition than retention and thereby failing to address relatively poor customer service levels.
According to a survey of 280 senior decision-makers and C-level managers from UK household brands undertaken by Retail Week on behalf of sports and entertainment venue operator SMG, some 63% achieve higher profit margins from existing consumers than new ones (19%).
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