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Customer retention: meaning, definitions and examples

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customer retention

[ ˈkʌstəmər rɪˈtɛnʃən ]

Noun

^{Context #1 | Noun}

business strategy

Customer retention refers to the activities and actions companies take to retain customers and prevent them from switching to competitors. It involves building long-term relationships with customers by providing excellent service, value, and experiences.

Synonyms

client retention, customer loyalty, customer preservation.

Which Synonym Should You Choose?

Word	Description / Examples
customer retention	Best used in a business environment when discussing strategies to keep customers returning over time. Often used in marketing and management contexts. Our new loyalty program has significantly improved our customer retention rates. Investing in customer retention is more cost-effective than attracting new customers.
customer loyalty	Often used when emphasizing the emotional bond and ongoing choice of the customer to continue using a product or service, due to satisfaction and positive experiences. Our rewards program is designed to foster customer loyalty by offering exclusive perks. Customer loyalty is built over time through consistent and high-quality service.
client retention	Used primarily in professional services and B2B sectors where clients are maintained over long periods. It implies a more personalized and ongoing relationship. The law firm's focus on client retention has resulted in enduring partnerships. Client retention strategies are crucial for consulting firms looking to maintain long-term contracts.
customer preservation	Less commonly used. It may be used to talk about maintaining a customer base but with a slight negative implication of struggle or resistance to loss. Economic downturns require aggressive customer preservation strategies. The company’s efforts in customer preservation during the crisis were commendable.

Examples of usage

Improving customer retention can lead to increased revenue and profitability.
Offering loyalty programs is a common strategy for customer retention.

Translations

Translations of the word "customer retention" in other languages:

🇵🇹 retenção de clientes

🇮🇳 ग्राहक प्रतिधारण

🇩🇪 Kundenbindung

🇮🇩 retensi pelanggan

🇺🇦 утримання клієнтів

🇵🇱 utrzymanie klienta

🇯🇵 顧客維持

🇫🇷 fidélisation de la clientèle

🇪🇸 retención de clientes

🇹🇷 müşteri tutma

🇰🇷 고객 유지

🇸🇦 الاحتفاظ بالعملاء

🇨🇿 udržení zákazníků

🇸🇰 udržanie zákazníkov

🇨🇳 客户保留

🇸🇮 zadrževanje strank

🇮🇸 viðhalds viðskiptavina

🇰🇿 клиенттерді ұстап тұру

🇬🇪 მომხმარებელთა შენარჩუნება

🇦🇿 müştəri saxlama

🇲🇽 retención de clientes

Etymology

The concept of customer retention has gained significant importance in the business world with the rise of competition and globalization. Companies have realized that retaining existing customers is often more cost-effective than acquiring new ones. By focusing on customer retention, businesses can create a loyal customer base that contributes to long-term success.