Retention

Retention is all the activities that a company performs in order to retain its customers. This process begins with initial contact with a customer, and continues throughout the customer’s lifecycle. Retention is influenced by several factors, including the quality of a company’s product or service and the efficiency of a company’s customer service. The goal of retention is to stop a customer from defecting to another company.

Why does TrackMaven think Retention is important?

Without the ability to retain customers, a business would not survive for very long. To increase retention, the best thing to do is to put the customer above all else. Focus on not only meeting, but exceeding customer expectations when interacting, rather than focusing on the profits. There are several benefits to companies who actively monitor their retention rate. When a business keeps track of retention, it can enjoy lower customer acquisition costs. increased revenue, and increased referrals from satisfied customers. Businesses should ensure they have efficient customer service programs to keep their customers pleased. Strong retention practices will increase the number of loyal customers a company has, leading to numerous benefits as those customers advocate on behalf of the company, such as new future customers.