Customer Retention - Business concept of the day
Definition: Customer retention refers to activities & initiatives a company or organisation undertakes to retain its customers for a longer period of time. Some activities include customer loyalty programs & reward programs.
Example: In a bid to boost customer retention, the coffee shop started a rewards program giving people a free drink for every five they had bought.
Business Insight: Customer retention is a measure expressed by the number of long-term clients a company has. The value of emphasising customer retention lies in the fact that long-term clients spend more and cost less than acquiring new customers and enables firm to foster strong brand loyalty among it’s customers.
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