Retaining (profitable) customers is a direct return.
Whereas a loyalty program focuses on increasing the frequency, share-of-wallet and lengthening the customer life cycle, a retention program focuses on retaining customers who pull out of the customer life cycle or journey at a particular time.
With a retention program, a number of effective contact moments are determined which purposefully zero in on this.
And it includes a cost trade off between recruiting new customers versus retaining existing customers and with the major objective of lowering the churn rate.
If you would like to know more about how we can support you in this, please contact us.