Customer retention is the process of engaging with existing customers to maintain their loyalty and reduce the likelihood of churn. It involves building long-term relationships with customers by providing them with a positive experience through effective communication, good customer service, and personalised offerings.
The goal of customer retention is to increase customer lifetime value and generate repeat business. Companies use various strategies to retain customers, such as loyalty programs, special promotions, and personalised marketing campaigns. Effective customer retention can lead to improved brand awareness, increased revenue, and reduced marketing costs.