E'Khaya'S Customer Acquisition And Retention eBook

Case Study from the year 2024 in the subject Business economics - Offline Marketing and Online Marketing, grade: A, Free University of Berlin (Business Administration and Management), course: Business Management, Marketing, language: English, abstract: Customer acquisition is the act of designing and promoting a brand's experiences in a manner that attracts more customers to make the first conversation, which might be an order, app download, subscription or purchase. The process takes many steps since the prospective client changes from being unaware of the brand, to weighing it against other brands, to making a purchase decision. On the other hand, customer retention focuses more on nurturing a better relationship with the current customers to increase loyalty and drive repeat purchases. However, a successful retention relies on data management and delivering relevant messages according to customers interests and preferences. Customer acquisition and retention are the key challenges facing E Khaya. According to Furman, retention is the gold standard since repeat customers not only spend more but also cost less in marketing expenses. This implies that while E Khaya only focuses on acquiring new customers, it can incur a higher cost in customer acquisition than necessary. Therefore, this paper will provide a road map for E Khaya to help in acquiring and retaining customers.