"For years, conventional wisdom has said that customer retention is more profitable than acquisition. There are plenty of stats to back this claim:

• Past customers have up to a 70% chance of converting again — compared to 20% for new prospects
• Increasing customer retention rates by just 5% can boost profits by up to 95%

"With numbers like these, any business could be forgiven for slanting all of its marketing efforts toward retaining the customers it already has. After all, if new users are more expensive to find and harder to convert, why even go after them?"

In this quick but thorough article Kristen Gramigna shows why you need both and how to do it.

Article and Infographic: How to Balance Customer Acquisition Vs. Customer Retention