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When you focus on customer retention, customer acquisition will take care of itself. The cost of acquiring a new customer rises every year for most companies. In an economic climate such as we are experiencing now, acquisition costs can skyrocket due to increased competitive pressure as businesses look for new ways and new markets to keep revenues up. While many businesses spend a great deal of their marketing budget and focus on generating leads and new customers, the smart money right now is to focus on your existing customers with an eye on retention.
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