Clients are the lifeblood of many businesses, especially those that are retail-based. According to Business Insider, customer loyalty is critical to retailers, but only about 40% of retailers make an effort to measure and analyze client retention.
Returning customers are not only crucial for creating lifelong customers, but also for finding new customers through word of mouth recommendations. Word of mouth is vital; 74% of consumers say they consider word of mouth to be a key influencer in their purchasing decisions. Understanding how to measure customer retention—and how to improve it—is critical.