Retention, in business terms, means the exact as it does in English language. Retention means that when you provide your existing customer with more customer services and support, and in addition, provide them with special offers, they tend to remain your customers for a long period of time. This is what marketers define as loyal customers.
Loyal customers not only add to the profit of your company and increase your revenue. Through the word of mouth, they advertise your company. As per research, it costs almost 5%-25% less to spend more on retained customers than to hunt for new customers.
Retention manifests itself in the fact that if you offer a specific person satisfactory solutions, products, services, support, they stay with you for a long time. Retention increases the company's profits and revenues.
There are two types of retention in companies. The first is about customers, i.e. customers who are satisfied with the product or service, have a good customer service experience, will come back and buy again from the company. The second of this retention is retention among employees, which in this sense means a change. The smaller the change of employees, the better it speaks for the company.
Retention is very important as it has a huge impact on the company's bottom line as well as its image. That is why every company should ensure that both customer and employee retention is at the appropriate level.
Be the first to receive exclusive offers and the latest news on our products and services directly in your inbox.
We appreciate your recent sign up for a LiveAgent.
A message will be sent to your email address containing login details, right after your account is installed.
If you wait for a while, after installation is complete you will be able to access your account directly from here.
After the process is over, we will send the login details to your mailbox.
Our website uses cookies. By continuing we assume your permission to deploy cookies as detailed in our privacy and cookies policy.