Customer Retention - Business concept of the day
Business Development
328 week ago — 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 by
GlobalLinker StaffWe are a team of experienced industry professionals committed to sharing our knowledge and skills with small & medium enterprises.
Network with SMEs mentioned in this article
View GlobalLinker 's profile
SME Inspirations
Most read this week
Trending
Comments (1)
Please login or Register to join the discussion