Customer retention: meaning, definitions and examples
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customer retention
[ ˈkʌstəmər rɪˈtɛnʃən ]
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 |
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customer retention |
Best used in a business environment when discussing strategies to keep customers returning over time. Often used in marketing and management contexts.
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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.
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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.
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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.
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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.