Use Of Data And Analytics To Ensure Customer Retention

Customers are the key to a business’s success. Therefore, an entrepreneur must prioritize customer acquisition as well as retention over other business activities. The former refers to gaining new customers, the latter involves containing the existing customers by keeping them satisfied and convincing them to make repeat purchases. Customer retention helps businesses to measure their customers’ loyalty over time and assess overall growth. It is about building and maintaining a close bond with customers, who look to engage with brands that are reliable and always aware of their changing needs and priorities. By using effective customer retention strategies, businesses can make sure their existing customers continue choosing their products/services over that of their competitors.