What are the key metrics for customer retention?
An example of an AI chatbot conversation about customer retention metrics.
What are the key metrics for customer retention?
Key metrics for customer retention include churn rate, customer lifetime value (CLV), and repeat purchase rate.
How do I calculate churn rate?
Churn rate is calculated by dividing the number of customers lost during a period by the total number of customers at the start of that period.
What is a good customer lifetime value?
A good customer lifetime value varies by industry, but generally, a CLV that is at least three times the customer acquisition cost is considered healthy.
Can you explain repeat purchase rate?
Repeat purchase rate is the percentage of customers who make more than one purchase within a specific time frame.
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