How do I measure retention rate for my business?
An example of an AI chatbot conversation about measuring retention rates in business.
How do I measure retention rate for my business?
To measure retention rate, you can use the formula: (Customers at end of period - New customers during period) / Customers at start of period.
What time period should I use for this measurement?
It depends on your business model, but common periods are monthly, quarterly, or annually.
Can you give me an example calculation?
Sure! If you start with 100 customers, gain 20 new ones, and end with 90, the retention rate is (90 - 20) / 100 = 70%.
What tools can I use to track retention rates?
You can use analytics tools like Google Analytics, Mixpanel, or customer relationship management (CRM) software.
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