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What Is Customer Retention?

Customer retention refers to retaining existing customers. The goal of customer retention is to ensure existing customers make repeat purchases, are satisfied with a company’s services, and do not defect to a competitor.

When a customer becomes dissatisfied with a product or service, he/she may either leave or stay. If a happy customer stays, he/she is said to be retained. On the other hand, if a customer leaves, he/she is not counted as being retained.

Longtime customers are more willing to branch out and try other products from a company they trust and from sister companies. Higher customer satisfaction increases your profits across all product lines.