Customer retention is basically, your businesses ability to keep current customers. Retaining clients is the essential business skill needed to prevent loyal customers from switching to your main competitors. You’ll be happy to hear, retention rates aren’t necessarily based just on price, but more on customer satisfaction. A great client retention strategy is focused on ensuring your customers are happy with all aspects of your business. From online customer service to email communications.
If you’re successfully keeping the customers you currently have and they keep re-purchasing, then you’re retaining them. Some businesses don’t focus on customer retention within their marketing plan, but it’s a vital tool for keeping and satisfying your customer’s needs. Customer retention is really something that should be worked on, as soon as a new customer is acquired. It’s the process of continuing and building that close relationship with your customer base, to enable repurchases and re-occurrent sales in the future from the same customers. Simple!