customer retention

Definition

An assessment of the product or service quality provided by a business that measures how loyal its customers are. Customer retention statistics are typically expressed as a percentage of long term clients, and they are important to a business since satisfied retained customers tend to spend more, cost less and make valuable references to new potential customers.

Use customer retention in a sentence

  • In the old days, IBM'S customer retention wasn't so much because of their quality products, but rather the airtight contracts their legion of lawyers crafted.

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  • Customer retention can be prevented, by showing just a little more attention to your customers, a customer appreciation day never hurts either.

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  • Our customer retention measurements were great and we had a lot of loyal and amazing customers that loved our store.

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