So wedding planners have the constant act of marketing to new clients. Even if you did marry again, it is extremely rare for a couple to return to the same wedding planner to plan their second wedding. Therefore you only need your planner once. There are a few professions and businesses out there that don’t have the gift of retaining clients. of customers at the beginning of the period Why Customer Retention Matters? of customers acquired during the periodĬ = no. of customers at the end of the periodī = no. Retention rates - your customer retention rate is calculated like this:Ī = no. (This could be you if you are a freelancer or solopreneur) Retention marketing - marketing to existing customers to keep them purchasing your products or servicesĬustomer retention team - the department responsible for retaining customer loyalty over time. Key Takeaways Definitions: What Is Retention?įor our purposes today we need to define three core terms:Ĭustomer retention - the ability to keep your customers coming back for more This guide is a short dive into customer retention strategies with a cost-benefit analysis of each one. This is the fancy way of saying if you can keep your current customers coming back, you’ll have a more sustainable business overall. Ultimately you will get a higher lifetime value (LTV) per customer, which makes your client outreach more effective long term. By having a solid customer retention of customer loyalty strategy, you can maximize your marketing. Here is everything you need to know!Ĭustomer retention is the simple concept that customers can repeat business with you. It reduces your marketing spend, gives you recurring revenue and strengthens your bond with clients. Keeping your clients coming back for more is the secret to a long lasting business.
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