Customer Retention Definition

Customer Retention strategies are the activities brands undertake to retain customers and more importantly maintain revenue streams. Strategies aim to prevent customers from defecting to alternative brands or going to the competition.

In most businesses, it costs much more to acquire a new customer than it costs to retain an existing customer. Incremental revenue programmes that provide customers with added value products and services are used to help increase the retention rate. Find out more about ancillary revenue programmes offered by Collinson Latitude.

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