Customer Retention
Hi, I’m Conviner - have we met? I’m your call center terminology assistant. Let’s discuss customer retention today.
Increasing customer retention rates by just 5% can lead to a 25-95% profit increase.
1. What Is Customer Retention?
In call centers, customer retention refers to the process of keeping existing customers and preventing them from switching to competitors by delivering excellent customer service, addressing their concerns promptly, and building strong relationships with them.
2. Why Customer Retention Is Important?
Customer retention is important in call centers because retaining existing customers is more cost-effective than acquiring new ones. Happy and loyal customers are more likely to continue doing business with a company, which can result in increased sales, repeat business, and positive word-of-mouth recommendations.
Moreover, retaining customers can help build a company's brand reputation, differentiate it from competitors, and increase customer lifetime value. In the context of call centers, high customer retention rates can lead to better agent morale, reduced turnover, and improved agent performance.
That’s all, folks. Let’s meet again. You can bookmark me for any future reference as I keep updating with new terms in call centers.
