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The age-old saying goes: “Make new friends, but keep the old. One is silver, the other gold.” This saying can be understood in relation to global businesses. It’s a known fact that customer acquisition, or persuading new customers to enter the sales pipeline, is a lengthy and uncertain process. Additionally, it also asks for at least five times the expenditure than customer retention. Hence, it is a well-established fact that 44% of companies have a greater focus on customer acquisition than the 18% that focus on retention.

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