Customer acquisition refers to bringing in new customers - or convincing people to buy your products or services. It is a process used to bring consumers down the marketing funnel from brand awareness to purchase decision. The cost of acquiring a new customer is referred to as customer acquisition cost (or CAC for short).
Most commonly, businesses will benchmark their customer acquisition cost against customer lifetime value. A CAC:LTV ratio of 1:3 is generally considered a good ratio, though it will vary greatly for different businesses.
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