2022•Business StrategiesOpen access

TOP-10 BEST CUSTOMER RETENTION STRATEGIES THAT INCREASE PROFITS

S. S. Shadrina

Abstract

This article proposes effective customer retention strategies and the role of a regular customer base in reducing costs and increasing company profits. Formulas for calculating retention and churn rates are given with specific examples. The author of the article describes in detail why it is more profitable to retain customers compared to attracting new customers.

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Key concepts: Customer retention, Customer base, Customer profitability, Business, Customer equity, Marketing, Customer to customer, Retention rate