Retention
Retention in marketing focuses on keeping existing customers engaged and loyal to a brand. It’s vital for businesses as retaining customers is more cost-effective than acquiring new ones, and loyal customers often spend more over time. High retention rates can also lead to positive word-of-mouth and brand advocacy. Retention is measured using metrics like customer lifetime value (CLV), repeat purchase rate, and churn rate. Strategies to boost retention include personalized communication, loyalty programs, and superior customer service. However, challenges include maintaining relevance and adapting to evolving customer needs. Balancing acquisition and retention is key to sustainable growth, making retention a cornerstone of effective marketing strategies.
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