There are many things that you can to do create a customer retention strategy that will work long term. First, make sure to always get feedback from your customers and then take that feedback and implement it into your products. Next, make sure to invest in great customer service because chances are your competitors will have great customer service as well. Finally, design a referral program that will motivate your customers to get others involved such as friends and family.
Key Takeaways:
- Customer acquisition and customer retention are the two things each business must focus on because it doesn’t help to acquire customers who leave.
- The repeat customer rate is critical because this is the percentage of customers who make a second purchase.
- It is important to get honest feedback from customers so that products can be updated based on their views.
“Customer retention is the sum of all activities a business undertakes to increase acquired customers’ chances of being repeat customers.”
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