Customer satisfaction and retention are key to a business’s long-term success. Here’s why:
Users retention is done:
The customer retention rate formula is:
((CE-CN)/CS)) x 100
where:
CE = how many clients you have at the end of the analyzed period
CN = how many clients you have acquired
CS = your client base at the beginning
eCommerce-oriented tactics to increase CR:
When setting KPI customer retention has to comply with, remember СR rate really depends on the industry and the competition, so it’s hard to give a one-size-fits-all answer. Generally speaking, if you’re keeping more than 60% of your users coming back for more, you’re doing something right.
For starters, you might try offering loyalty programs or personalized communication to make them feel extra special. Customer retention examples, for keeping everyone engaged, may include staying in touch via email or social media with regular updates and interesting content. But before you do any of that, you’ve got to have a way of measuring customer retention, so you know what’s working and what’s not. Because as they say, you can’t improve what you can’t count!
When it comes to growing a company, there are two main ways to do it: bring in new clients with fancy marketing and advertising campaigns, or focus on keeping the existing users happy, so they keep coming back for more. That’s where CR comes in, and it’s a lot more cost- and time-effective than constantly chasing new buyers. Plus, when you build a loyal base, they tend to buy more from you and tell their friends how awesome you are. And you know what that means – more revenue and profitability for you!
