Your best customers don’t just buy one product or use your service once. They come back again and again for more. Managing customer retention is an incredibly important part of growing a sustainable business. Customer retention refers to the activities and actions companies and organizations take to reduce the number of customer defections. It indicates whether your product and the quality of your service please your existing customers. The goal of customer retention programs is to help companies retain as many customers as possible, often through customer loyalty and brand loyalty initiatives. It’s also the lifeblood of most subscription-based companies and service providers. It is important to remember that customer retention begins with the first contact a customer has with a company and continues throughout the entire lifetime of the relationship. Customer retention increases your customers’ lifetime value and boosts your revenue. Being mindful of customer retention matters because it helps you understand how loyal and satisfied your customers are, how strong your customer service is, and if there are any red flags that may turn off potential customers.

Sruthy Santhosh

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