It’s the process of keeping existing customers engaged, satisfied & loyal to your brand over time. The goal is to keep them coming back for more.
The goal is to build trust, loyalty & advocacy among customers, reducing churn & maximizing customer lifetime value. For example, a subscription-based service might offer exclusive discounts or early access to new features for long-term subscribers.
Retention is essential for business success because it’s typically more cost-effective to retain existing customers than to acquire new ones.