27 Jul 2018, 10:46 — 1 min read
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.
Posted byGlobalLinker Staff
We are a team of experienced industry professionals committed to sharing our knowledge and skills with small & medium enterprises.
22 hours ago
3 days ago
1 Oct 2021, 17:56