What is the difference between retention and churn?

What is the difference between retention and churn?

Retention refers to the ability of a company to keep its customers over time, while churn is the rate at which customers stop doing business with a company.

Why is customer retention important?

Customer retention is crucial because it costs less to keep existing customers than to acquire new ones, and loyal customers often lead to higher profits.

How can I improve customer retention?

You can improve customer retention by enhancing customer service, offering loyalty programs, and regularly engaging with your customers.

What are some common causes of churn?

Common causes of churn include poor customer service, lack of engagement, and better offers from competitors.

Can you give me examples of retention strategies?

Sure! Examples include personalized communication, rewards programs, and regular feedback surveys to understand customer needs.