- Mktgthe maintenance of the custom of people who have purchased a company’s goods or services once and the gaining of repeat purchases. Customer retention occurs when a customer is loyal to a company, brand, or to a specific product or service, expressing long-term commitment and refusing to purchase from competitors. A company can adopt a number of strategies to retain its customers. Of critical importance to such strategies are the wider concepts of customer service, customer relations, and relationship marketing. Companies can build loyalty and retention through the use of a number of techniques, including database marketing, the issue of loyalty cards, redeemable against a range of goods or services, preferential discounts, free gifts, special promotions, newsletters or magazines, members’ clubs, or customized products in limited editions. It has been argued that customer retention is linked to employee loyalty, since loyal employees build up long-term relationships with customers.
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Customer retention — is the activity that a selling organization undertakes in order to reduce customer defections. Successful customer retention starts with the first contact an organisation has with a customer and continues throughout the entire lifetime of a… … Wikipedia
customer retention — UK US noun [U] COMMERCE ► the fact of keeping a customer for a period of time: customer retention rate/ratio »The firm s customer retention rate has remained steady at 82% … Financial and business terms
customer retention — /ˌkʌstəmə rɪ tenʃən/ noun same as retention … Marketing dictionary in english
Customer attrition — Customer attrition, also known as customer churn, customer turnover, or customer defection, is a business term used to describe loss of clients or customers. Banks, telephone service companies, Internet service providers, pay TV companies,… … Wikipedia
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