Retention Definition
In order to understand retention, it is first important to understand the customer lifecycle. The customer lifecycle consists of four key stages: acquisition, activation, retention, and referral. Acquisition is when a customer is first acquired or brought into the fold. Activation is when a customer takes their first meaningful action within the product or service. Retention is when a customer continues to use the product or service over time. Referral is when a satisfied customer recommends the product or service to others.
Retention Definition:
Retention refers to the continued use of a product or service over time. In order for a company to be successful, it must not only acquire new customers, but also keep existing customers coming back. This can be done through marketing efforts that focus on customer satisfaction and loyalty. It is important to note that retention does not just refer to keeping customers, but also retaining employees and other key stakeholders.
