Just like the cable company. "Oh, you want to cancel? We can match that competitor price after all!" Total BS.
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If they gave all their existing "loyal" customers a 1/2 price deal they would be out of business. The purpose of promotions are to lure in new customers and keep those that are leaving (churn) down. In theory I agree with you but as a general business practice it's not good for the bottom line. Obviously you weren't very "loyal" because you left. :) Had you called them and told them you were going to cancel they would have probably offered you a deal. (I spent some time working in many of their departments a few years ago - retention aka account management was the worst).