retention-strategy

Vocabulary Word

Definition

A 'retention strategy' refers to tactics a company uses to keep and engage their employees or customers. It often includes benefits, development opportunities, or promotions.

Examples in Different Contexts

In the e-commerce sector, a 'retention-strategy' could involve offering loyalty discounts or personalized recommendations to keep shoppers returning to their platform.

Practice Scenarios

Marketing

Scenario:

Despite our recent sales success, we're seeing a drop in repeat customers. How can we make our customers more loyal to our brand?

Response:

The introduction of a customer feedback system could be a valuable part of our retention strategy, providing us insight into what our customers want.

Business

Scenario:

We've been noticing a rising number of employees leaving the company within a year of their employment. We need to address this issue urgently.

Response:

Absolutely, we need to develop a firm retention strategy to assure our employees have all intrinsic and extrinsic motivations to continue with us.