When your business is just starting out, acquiring new customers has to be your primary concern. But once you get beyond the initial stages, the key to real growth is not so much getting new customers, but customer retention.
Many small businesses are falling short when it comes to customer retention. More than seven out of 10 small business owners in a recent survey (72 percent) say most of their marketing budget goes to acquiring new customers. Just 28 percent spend the bulk of their marketing budgets on customer retention.