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Gaining customers typically requires more resources than retaining existing customers.
Adding features increases costs, but it may increase revenues as well, either by attracting new customers or retaining existing customers.
In modern business conditions, brand represents a very important source of corporative competitiveness and a power means of retaining existing customers and attracting the new ones.
"Apple and Android must focus on a balance between retaining existing customers and attracting featurephone owners to trade up if they want to continue their success over the next year," says Sunnebo.
Simply retaining existing customers and improving the targeting and coverage of new ones can yield significant revenue growth, especially in inefficient markets, where innovation isn't required to keep customers.
Besides customer queasiness about dealing with WorldCom while it is in bankruptcy, the declines could also be explained in part by the company's focus since last summer on cost-cutting and on retaining existing customers rather than aggressively signing up new ones.
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These methods are huge sales and marketing tools and are key for both retaining existing customer's engagement and continuing that already established relationship, as well as enabling potential customers to see and experience your solution, thus engaging them in the initial stages of their journey with you.
Some online executives have designed awards programs meant both to retain existing customers while attracting new ones.
"The FCA believes there is a risk that providers may unfairly try to retain existing customers to maximise profits," said a spokesman.
Given increasing investment in an IT (information technology) artifact (i.e., online service website), it is becoming important to retain existing customers.
Since the Korean smartphone market has reached a saturation state, device manufacturing companies are re-focusing their resources and capabilities to enhance customer loyalty in order to retain existing customers and attract new customers.
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