customer retention JUST WRITTEN FOR YOU
/kəsˌtɒmər rɪˈtɛnʃən/ · cus·tom·er re·ten·tion
noun
- The process of keeping existing customers satisfied and loyal to a product or service, often through targeted marketing and customer service efforts. The company's customer retention strategy involved offering loyalty rewards and personalized support to its valued customers.
- The rate at which a business retains its existing customers, often measured as a percentage of customers retained over a given period. The company's customer retention rate increased by 15% after implementing a new customer service platform.
Synonyms
customer loyaltycustomer satisfactionbrand loyaltycustomer engagementcustomer experiencecustomer advocacycustomer satisfactioncustomer loyalty program
Antonyms
Did you know? The concept of customer retention has been around since the early 20th century, when businesses began to realize the importance of maintaining long-term relationships with customers to drive repeat business and loyalty.