customer-retention

Vocabulary Word

Definition

'Customer retention' is a business's efforts to keep its customers around. This involves providing good products or services, excellent customer service, and maintaining a positive relationship.

Examples in Different Contexts

In social impact organizations, customer retention means keeping donors and supporters engaged. A nonprofit director might observe, 'Building personal connections and showing tangible results are essential for our customer retention.'

Practice Scenarios

Technology

Scenario:

Our latest feature isn't seeing as much use as we anticipated. We need to make it more appealing to our user base.

Response:

For better customer retention, we could consider revamping the feature based on user feedback.

Business

Scenario:

The customer research suggests dissatisfaction with our reward structure. We'll need to make changes if we want to hold onto our current clients.

Response:

I agree, we should revise our rewards program to enhance customer retention.