What is customer retention?

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Throughout this article, learn more about how social media and social listening denmark b2b leads can play a role in retaining and delighting customers, plus several proven customer retention strategies you can implement today.

Why is customer retention important for businesses?
How can social media play a role in customer retention?
How to increase customer retention
The importance of social listening in customer retention

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What is customer retention?
Customer retention measures a business’s ability to keep customers over a given period of time. The opposite of customer retention is customer churn, a metric that shows how many customers a company has lost over that same period of time.

Customer retention rates vary by industry. For example, Statista found that businesses in the media and professional services industry have an average customer retention rate of 84% while hospitality, travel and restaurants have an average rate of 55%.

The definition of customer retention underneath a question mark and the question: what is customer retention?
How to calculate customer retention rate
The formula to calculate your brand’s customer retention rate is: