The Hidden Costs of Sold-Outs

Max Chertkov | May 31, 2018

By Max Chertkov Did you know that securing a new customer costs between 5 to 25 times more than retaining an existing client? Although several factors can lead to losing a customer, booking failures and sold-outs have a major impact on customer loyalty. Strong businesses are built on the fundamental understanding of customer lifetime value - a customer once won can become a customer for life. Today's highly competitive travel market, especially online, bears numerous challenges when it comes to winning a customer. In fact, the revenue from the first customer booking often barely covers the acquisition cost. For this reason, customer...