Customer Retention

Customer Retention is the ability of a company to retain its customers over time. It's measured by retention rate and focuses on reducing churn while increasing customer lifetime value. Effective retention strategies include personalized communication, loyalty programs, proactive customer service, and continuous value delivery. Retention is more cost-effective than acquisition, with studies showing that increasing retention by 5% can boost profits by 25-95%. Key tactics include onboarding optimization, regular engagement, feedback collection, and win-back campaigns for at-risk customers.