Customer acquisition will always be an important pillar for your business to grow… but what about those customers who already buy from you?
Customer retention should be part of your objectives, since a customer who is truly committed to your brand will be beneficial to you thanks to:
1- They will recommend you to potential customers.
2- They will continue to buy from you (recurring income).
3- It is better for your ROI to retain a customer than to get a new one.
What is customer retention and how to measure it?
Customer retention is a metric that companies use to measure customer loyalty over time and measure overall success.
The formula for obtaining retention is:
(Total number of customers at the end of the period – New customers acquired)/Customers at the beginning of the period = Customer retention rate.
In next week’s blog we will give you some strategies to achieve this retention, see you!