What is the difference between retention and loyalty?
Retention and loyalty
Customer retention refers to a brand’s ability to gain repeat business from a customer. High customer retention means customers continue to purchase a brand’s product or service, rather than choosing a competitor. Simply put, retained customers simply haven’t purchased from a competitor… yet . That means their loyalty to your brand is still at risk.
Loyal customers, on the other hand, buy your brand again and again, and advocate on its behalf. Customer loyalty goes beyond financial transactions. Loyalty means growth — and retention means fighting decline. So, how can you promote customer loyalty for your brand?
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