|Build, replenish, and mine your own
People often use two buzzwords when discussing online marketingacquisition and retention. Marketing professionals typically define these terms as follows:
- Acquisition: Attracting people to a Web page on your site, and then converting those clicks into leads or customers.
- Retention: Converting captured leads into customers, and persuading existing customers to make additional purchases and also refer others to your company.
The accompanying illustration shows how acquisition and retention fit into our Closed-Loop Marketing process. It also suggests a more meaningful way to define these terms:
- Acquisition: Using targeted advertising, publicity, and referrals to build and replenish a marketing database of your own.
- Retention: Mining your own marketing database to generate sales and referrals.
Because it costs less to mine your own database than it does to buy third-party advertising, our Closed-Loop Marketing process is designed to help you build such a database and maximize its value.