Question

One of the major challenges facing companies today is to keep the customers they already have since there are fewer customers to go around. Changing demographics, sophisticated competitors, and overcapacity in many industries are some of the reasons for this. As a result,

Answer 1

A major challenge facing companies today is to keep the customers, and as result, the costs of attracting new customers are rising.

What does 'customer costs' mean?

The expression customer costs make reference to the value of obtaining new customers for a given industry/company.

Customer cost may also include product prices (inexpensive or expensive), purchase and post-use value, etc.

In conclusion, a major challenge facing companies today is to keep the customers, and as result, the costs of attracting new customers are rising.

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