Notes

Why Customer Retention Is So Important For ROI, Customer Loyalty, And Growth
After you’ve created a killer app and identified your target audience, company growth can take place — and you must devote just as many resources to keeping existing customers happy as you do to selling to new ones.

And that’s why your customer success team exists — to help customers see the value and achieve goals using the products or services you provide.

But there’s more than just answering their phone call and helping them onboard with the software. It’s about creating a process that fosters communication, builds trust, and promotes mutual growth.

Read this guide to discover everything there is to know about customer retention — from measuring it to fostering it with every new customer.

Customer Retention
Retention Rate Formula
Why is Customer Retention Important?
Customer Retention Rate by Industry
Customer Retention Management Strategies
Customer Retention
Customer retention is a company’s ability to retain its customers over time. It’s a percentage-based metric measuring how many customers were retained at the end of a given period.

Retention refers to the ability of companies to keep their customers happy. Customer retention depends on how many new customers you acquire and how many existing customers cancel their subscriptions, don’t return to buy, or close their contracts.

Before diving into specific ones, let’s go through some basic customer retention strategies.


What Is Customer Retention Management?
Retention management is keeping existing customers happy so that they continue buying from you long after they’ve bought from you. By encouraging these customers to stay loyal to your business, you encourage them to become repeat customers.

Who Manages Customer Retention?
sample real estate sales letters is typically managed by customer success. Their job is to work with and please your customers throughout their business duration with your company.

Customer success teams should work directly with your customers, but they should also work with other teams within the company to improve customer retention.

Customer Success should help teams like Sales or Customer Service and Support (CS&S) – roles that have the potential for direct impact on retention – organize, manage, and enhance all aspects of the customer’s experience. This way, your whole business works together towards consistently increasing customer retention.

Customer retention is measured by customer churn rate — more on that later.

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