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Most businesses know the score. Even most first year business students are aware of the concept. In fact, because of its mention on hit prime time television shows such as NBC’s The Office, even mass audiences might be familiar with the statistic. The idea is simple, and here it is: Retaining a current customer is less expensive than acquiring a new customer.
This concept speaks to the fundamental nature of customer loyalty, and most brands harbor an implicit understanding (if....
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