Customer Retention

Definition for Customer Retention?

Customer retention rates quantify how many clients a provider holds onto within a specified time period.

How to use Customer Retention?

Customer retention is a metric which pertains to the amount of consumers that continue to participate with a new after their initial interaction. Retention is generally measured over a time period--for example, how many new clients in a specific cohort or team continued to participate two months afterwards? --and could be expressed in raw numbers (your manufacturer retained 300 clients for 1 year) or proportions (your manufacturer had a two-year customer retention rate of 20 percent). Customer retention is a particularly important concern on mobile, because of the cost of acquiring each new client and the very low retention levels observed by the majority of programs, leading several manufacturers to utilize personalized outreach and additional tools to improve their retention prices.

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