In today’s highly competitive digital landscape, brands have to balance between retaining customers and acquiring new ones to continue growth in both business and customer base. In fact, what hurts brands most is losing existing customers instead of vying for new ones. As per one study, it can cost 5x more to acquire a new customer than to retain existing ones. By focusing efforts in increasing retention by 5% could boost profits by 25% to 95%, as noted in a Bain &....

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