Retention Rate measures the percentage of customers a company retains over a given period. High retention rates are often indicative of product/service value and customer satisfaction. Growth hackers focus on strategies to increase this rate, as retaining existing customers is often more cost-effective than acquiring new ones.
Retention Rate Tips:
- Implement loyalty programs to reward repeat customers.
- Regularly engage with customers through emails, notifications, or social media.
- Continuously improve the product/service based on customer feedback.