Key metrics for measuring retention include:
- Retention Rate: Percentage of customers retained over a period. Formula: Retention Rate=(Customers at End - New Customers)Customers at Start×100
- Churn Rate: Percentage of clients lost during a period.
- Repeat Purchase Rate: Percentage of clients making multiple purchases.
- Customer Lifetime Value (CLV): Total revenue generated by a client over their relationship with your business.
Regular analysis ensures your retention strategies are effective.
