Faith Driven Entrepreneur
Episode 20 - What is the Lifeblood of the Business? Interview with Vic Ho (Co-founder and CEO of Fivestars)
Episode guests
Podcast summary created with Snipd AI
Quick takeaways
- Customer acquisition and retention are the lifeblood of a business, with retaining existing customers being six times cheaper than acquiring new ones.
- Personalization is a game-changer for small businesses, allowing them to establish personal relationships with customers and increase customer loyalty.
Deep dives
Importance of Customer Acquisition and Retention
One of the key points highlighted in this podcast episode is the significance of customer acquisition and retention for entrepreneurs. The speaker emphasizes that businesses thrive when they can effectively acquire and retain customers. They explain that customer acquisition and retention are the two core aspects of running a successful business. The speaker stresses that acquiring new customers is important, but equally essential is retaining existing customers. They mention that retaining customers is six times cheaper than acquiring new ones. The discussion explores how large companies have shifted their marketing strategies and invested in customer engagement and loyalty programs. However, it is noted that small businesses often lack the tools and resources to effectively focus on customer retention.
Remember Everything You Learn from Podcasts
