With the emergence of new marketing technologies and the evolution of old ones in 2015, 2016 could see a shake-up in strategy by the CMOs and CTOs of ecommerce businesses.
This evolution in the Marketing Technology space has inspired some healthy debate around all-in-one solutions versus building best-of-breed marketing suites, and whether online retailers’ current set of tools are efficient, scalable and ultimately meet their needs.
It costs 7x more to acquire a customer than it does to retain one, so why do the majority of businesses focus solely on customer acquisition. That is a good question, and the answer is that most marketers and business owners don’t have a customer retention strategy in place. But what is a retention strategy?