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Customer Retention

/ˈkʌs.tə.mər rɪˈten.ʃən/noun
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Customer retention refers to the set of strategies and practices businesses use to keep existing customers engaged and loyal over time, rather than constantly seeking new ones. In today's competitive markets, it's not just about initial sales but building lasting relationships that boost repeat business and profitability, making it a key metric for long-term success.

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Studies show that increasing customer retention rates by just 5% can boost profits by 25% to 95%, highlighting how keeping existing customers is far more cost-effective than acquiring new ones, according to research from Bain & Company in the 1990s.

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