customer retention
Maintaining client relationships
Customer retention is the practice of keeping existing customers engaged and continuing to do business with a company over time.
It contrasts with customer acquisition, which focuses on gaining new customers.
Businesses measure retention through metrics like repeat purchase rates and churn rates, recognizing that retaining customers typically costs less than acquiring new ones.
Our customer retention improved after we launched the loyalty program.
- brand loyaltyHabitual preference for one company
- loyalty programsSchemes incentivizing repeat patronage
- VIP treatmentPreferential service for notables
- personalizationTailoring to individual needs
- habit formationEstablishing automatic behavioral patterns
churn rate · account management · emotional connection · upselling · cross-selling · personalized marketing · subscription models · satisfaction · attrition · cancel button · trust-building · thank you note · reactivation · money back guarantee · lifetime · onboarding · competitive advantage · social proof
- Customer Engagementloyalty programs, brand loyalty, loyalty cards, CRM, referral programs
- commercetrade, banking, merchant, imports, sales
- business termsfranchising, revenue stream, board meeting, gross margin, markdown
- customer serviceservice, apology, patience, callback, apologizing
- marketingadvertising, digital marketing, ad campaign, advertisements, ads
- business problemscash flow, hiring, staffing, payroll, expenses