You have $100. You can either acquire 4 new customers or keep 20 of the ones you have. Which would you do?
Some of you will hedge, “Well, it depends on the customers.” True. “How much are the new customers worth?” Valid point. Simple example aside, new customer acquisition can run at least 5x more than the cost of retaining existing clients. And yet, companies spend considerable time, energy and resources on new customer acquisition, often relegating retention efforts to the back burner.