Definition
Retention refers to the ability of a business to retain customers or employees over time, often measured through customer retention rates or employee turnover rates.
Related Services
Customer success, human resources management, and retention-focused marketing strategies help businesses build strong relationships and reduce churn.
Problem and Application
High retention rates indicate customer or employee satisfaction, while low retention suggests the need for improvements in customer experience, employee engagement, or product offerings.
Conclusion
Retention is a crucial indicator of loyalty, and improving it can lead to lower costs and higher lifetime value for both customers and employees.
