What is Client Retention?
Client retention refers to the ability of a business to retain its existing customers over time. This is an important metric to track, as it is typically more cost-effective to retain an existing customer than to acquire a new one.
Improving client retention rates can be achieved through various means, such as providing excellent customer service, offering loyalty programs, or creating a personalized customer experience.
For example, a coffee shop might offer a loyalty program where customers can earn a free coffee after purchasing a certain number of drinks. By fostering a strong relationship with their customers, businesses can increase the likelihood of repeat business and positive referrals. Overall, client retention is a key factor in maintaining a successful and sustainable business.
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