Studies indicate that acquiring a new customer can cost five to twenty-five times more than retaining an existing one
The probability of converting an existing customer is 60-70%, compared to just 5-20% for new customers
Adopting a ‘flywheel’ approach of acquisition, engagement, and retention can help startups balance their strategies and achieve sustainable growth
Over the past decade, India has transformed into a thriving startup ecosystem, with over 1.28 lakh startups as of April 2024, up from just 450 in 2016. The country, backed by its trailblazers from the robust startup community, has solidified its position as a major global center for innovation and entrepreneurship.
However, to sustain the momentum and take this growth to the next level in a more holistic manner, we need to look at empowering small-scale and early-stage startups alike.