Customer retention Definitions

  • C

    chief customer officer (CCO)

    A chief customer officer, or customer experience officer, is generally responsible for customer research, communicating with company employees and taking charge of customer experience metrics. The position typically reports one level below the chief executive officer (CEO) and answers to the head of marketing or a business unit that reports directly to the CEO.

  • churn rate

    Churn rate is a measure of the number of customers or employees who leave a company during a given period. It can also refer to the amount of revenue lost as a result of the departures.

  • coalition loyalty program

    A coalition loyalty program is a loyalty card system that offers incentives to customers of two or more businesses in return for allowing those businesses to collect user data. Such a program packages customer benefits into a single customer loyalty program.

  • customer churn (customer attrition)

    Customer churn, also called customer attrition, is the number of paying customers who fail to become repeat customers. In this context, churn is a quantifiable rate of change that occurs over a specified amount of time.

  • customer engagement

    Customer engagement is the means by which a company creates a relationship with its customer base to foster brand loyalty and awareness

  • customer health score

    A customer health score is a value that indicates the long-term prospect for a customer to drop off or, conversely, to become a high-value, repeat customer through renewal or cross-selling or up-selling strategies.

  • customer lifetime value (CLV)

    The customer lifetime value (CLV) is a metric that represents a customer's monetary worth to an organization.

  • customer retention

    Customer retention is a metric that measures customer loyalty, or the ability for an organization to keep its customers over time.

  • E

    emotions analytics (EA)

    Emotions analytics (EA) software collects data on how a person communicates verbally and nonverbally to understand the person's mood or attitude.

  • L

    loyalty card program

    A loyalty card program is an incentive plan that allows a retail business to gather data about its customers. The goal of a loyalty card program is to build repeat business by offering participating customers something that isn't available to non-participing customers.

  • loyalty punch card

    A loyalty punch card is a token that lets a customer earn free merchandise or discounts after a certain number of purchases.

  • O

    one-to-one-marketing (1:1 marketing)

    One-to-one marketing (sometimes expressed as 1:1 marketing) is a customer relationship management (CRM) strategy emphasizing personalized interactions with customers.

  • R

    relationship marketing

    Relationship marketing is a customer relationship management strategy designed to encourage strong, lasting customer connections to a brand. The goal is to generate repeat sales, encourage word-of-mouth promotion and gather customer information.

  • S

    showrooming (reverse showrooming)

    Showrooming is the practice of examining a product in a brick-and-mortar store, then purchasing it online for a lower price.

  • silent attrition

    Silent attrition is a situation in which customers stop patronizing a business without any communication.

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