Sales Relationship Paper Mkt 445

In: Business and Management

Submitted By psuero19
Words 557
Pages 3
Sales Relationship Paper
University of Phoenix – MKT 445
June 23rd , 2012

Customer retention and customer acquisition have become a crucial part of business. Severe competition has allowed for these two methods to be a relevant force within organizations for the sole purpose of survival. Customer retention is the process of maintaining a substantial amount of valued customers. On the other hand, customer acquisition is the process of attaining new customers. Similarities and differences are present in the retention and acquisition of customers. In business-to-business and business to customers, sales relationship approaches are used inversely during sale activities to secure retention.
Comparison/Contrast
The expense for customer retention and customer acquisition varies within each organization but have similarities with its implications. Some similarities include the purpose activities, strategies and direct relationship. • Purpose: The purpose of a business to devote efforts to customer retention and customer acquisition is to increase sales of a product or service. Businesses implement these two activities to secure a large base of customers. • Activities: The expenses accrued for performing customer retention and customer acquisition exists in business-to-business and business to customer. • Strategies: Cost of strategies used for retaining and acquiring the customer is also identical in terms of sales activities. • Direct relationship: There is a direct relationship between retaining customers and acquiring new customers. Satisfied customers are loyal and loyal customers can help a business in obtaining new customers by word of mouth. Just as similarities are recognized between customer acquisition and retention, difference are present, such as investment, efforts, customer communication, planning, and…...

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