GLOSSARY
Customer retention
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Customer retention refers to the ability of a business to keep existing customers engaged and satisfied, ultimately leading to repeat purchases and long-term loyalty.
What is Customer Retention?
Customer retention is the art of keeping your current customers happy and loyal to your product or service.
Why It Matters
For startups, customer retention is crucial for sustainable growth. It's more cost-effective to retain existing customers than acquire new ones.
Examples of Customer Retention Strategies
- Personalized communication
- Reward programs
- Exceptional customer service
Related Concepts
Customer retention is closely tied to customer satisfaction, loyalty, and lifetime value. By focusing retaining customers, startups can build a solid foundation for long-term success.