What is retention? What do you mean by that?

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Accepted Answer

Retention refers to the ability of a company to keep its customers and prevent them from switching to competitors.

Retention is a key metric for businesses as it is more cost-effective to retain existing customers than to acquire new ones.
Retention can be improved through various strategies such as offering loyalty programs, providing excellent customer service, and regularly engaging with customers.
Retention rate is calculated by dividing the number of customers at the end of a period by the number of customers at the beginning of the period.
For example, if a company had 100 customers at the beginning of the month and 90 customers at the end of the month, their retention rate would be 90%.

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