Post by account_disabled on Feb 19, 2024 8:46:07 GMT
To stabilize your business, you need to increase your customer retention rate (repeat rate). If the retention rate is low, customers will not stick around and you will have to continue spending money to acquire new customers, which may reduce profitability and the speed of business growth.Therefore, in this article, for those who are having trouble increasing their retention rate, we will introduce a guideline for the retention rate and specific methods to improve it.
Nile provides a wide range of marketing support, from acquiring phone number list new customers to retaining them . Please feel free to try our free consultation. Free consultation/inquiry formtable of contentsWhat is retention rate?How to calculate retention rateA guideline for a good retention rateMain factors contributing to lower retention rates8 concrete ways to improve retention rateImprove your retention rate and stabilize your businessWhat is retention rate?First, let's explain what retention rate means and why it's important. Let's look at them in order below.Meaning of retention rateRetention rate is the percentage of customers who purchase a specific product or service and continue to use the same product (= repeat purchase). In continuous use businesses such as SaaS, it is sometimes called "retention rate (existing customer retention rate)"and in general retail,it is also called " repeat rate ."For example, if out of 100 new customers, 40 keep making purchases, the retention rate is calculated as 40%. (Detailed calculation method will be explained later)A similar metric is the ``churn rate''.
The article below introduces different types of churn rates and tips for keeping them low, so please check them out as well.Importance of retention rate[Main reasons why you should focus on retention rate]Helps improve customer satisfaction, leading to stable profits and business growthCan reduce advertising costsRetention rate is an indicator that confirms whether customers are satisfied with a product or service. For example, if the retention rate is low andthere are many customers who use your service for the first time or only for a short period of time, there may be room for improvement in the quality of your products and services.
Nile provides a wide range of marketing support, from acquiring phone number list new customers to retaining them . Please feel free to try our free consultation. Free consultation/inquiry formtable of contentsWhat is retention rate?How to calculate retention rateA guideline for a good retention rateMain factors contributing to lower retention rates8 concrete ways to improve retention rateImprove your retention rate and stabilize your businessWhat is retention rate?First, let's explain what retention rate means and why it's important. Let's look at them in order below.Meaning of retention rateRetention rate is the percentage of customers who purchase a specific product or service and continue to use the same product (= repeat purchase). In continuous use businesses such as SaaS, it is sometimes called "retention rate (existing customer retention rate)"and in general retail,it is also called " repeat rate ."For example, if out of 100 new customers, 40 keep making purchases, the retention rate is calculated as 40%. (Detailed calculation method will be explained later)A similar metric is the ``churn rate''.
The article below introduces different types of churn rates and tips for keeping them low, so please check them out as well.Importance of retention rate[Main reasons why you should focus on retention rate]Helps improve customer satisfaction, leading to stable profits and business growthCan reduce advertising costsRetention rate is an indicator that confirms whether customers are satisfied with a product or service. For example, if the retention rate is low andthere are many customers who use your service for the first time or only for a short period of time, there may be room for improvement in the quality of your products and services.