What does "customer acquisition" refer to?

Customer acquisition refers specifically to the strategies and processes a business uses to attract and gain new customers. It encompasses various marketing and sales approaches aimed at converting potential buyers into actual customers. This can include activities such as advertising, promotions, and targeting specific market segments to reach individuals who are likely to be interested in the product or service being offered.

The focus on gaining new customers is crucial for business growth, as acquiring new clients is often necessary to increase market share, improve sales, and expand operations. Effective customer acquisition strategies help businesses establish a broader customer base, which can lead to increased revenue and long-term sustainability.

Other options, while related to customer management, do not accurately define customer acquisition. Retaining existing customers involves different strategies aimed at customer loyalty and satisfaction rather than gaining new clientele. Maximizing customer lifetime value focuses on enhancing the profitability derived from existing customers throughout their engagement with the business, rather than attracting new ones. Marketing to existing customers is about maintaining relationships and upselling or cross-selling to current clients rather than acquiring new customers.

Thus, the correct definition of customer acquisition is indeed the process of gaining new customers for a business.