Final answer:
Retaining existing customers is less costly than acquiring new ones, and follow-up is essential for building customer loyalty, especially as brand loyalty decreases in today's markets.
Step-by-step explanation:
Finding a new customer is far more costly and challenging than retaining an existing customer. In the current market environment, where customer loyalty is decreasing, follow-up and relationship management are becoming increasingly important strategies for businesses. Companies that invest in customer service and build strong relationships can benefit from higher customer retention rates. This success is due to the fact that existing customers are more likely to purchase again, often at a lower cost of sales, compared to the effort required in acquiring new customers. By focusing on follow-up, after-sales support, and regular engagement, businesses can foster loyal relationships and drive long-term success.