What is customer acquisition?

Customer acquisition refers to the strategies and processes involved in attracting and gaining new customers for a business. This concept emphasizes the importance of identifying potential customers, engaging them through marketing efforts, and converting them into paying customers.

The focus on acquiring new customers is fundamental to business growth, as it expands the customer base and increases revenue potential. Techniques can include digital marketing, advertising campaigns, promotions, and lead generation activities, all aimed specifically at encouraging new individuals or businesses to purchase a product or service.

In contrast, upselling to existing customers involves enhancing sales through existing relationships rather than bringing in new clientele. Retaining loyal customers is a separate strategy aimed at ensuring that existing customers remain satisfied and continue to purchase from the business. Managing customer feedback is also distinct; while it can support acquisition efforts indirectly by improving service and product offerings, it doesn't directly engage in attracting new customers. This highlights the significance of option A as it encapsulates the essence of developing new customer relationships, which is critical for a business's expansion and sustainability.