This is going to depend entirely on the growth stage of your business and the health of your customer base.
If you're a startup, you'll need to focus on getting new customers in the door. But, if those prospects or trialers aren't converting into paying customers, or are churning out rapidly in the first few months, then there's no point in adding more into a leaky bucket. You'll need to patch up the bucket first.
In reality, balancing customer lifecycle initiatives will be an evolving and fluid activity. In order to maintain the right balance, you'll need insight into your lifecyle metrics. This means everything from setup and activation rate to churn and retention rate. (I'm a huge fan of the Reforge lifecycle model that they teach in their Growth Series.)
This data is even better if it's at a cohorted level. You might find that for one of your segments you need to focus on retention, but for another segment, the focus should be on acquisition.