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Customer Retention - Business concept of the day

Customer Retention - Business concept of the day

Business Development

GlobalLinker Staff

GlobalLinker Staff

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. 

 

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GlobalLinker Staff

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