Customer Retention in BizTech Company Coursework

Customer Retention in BizTech Company - Coursework Example Along with measuring your business traffic and conversion, success also relies on customer retention to complete the big picture. You may be getting attention and turning visitors into paying customers, but are you able to keep them around month after month? Or are they leaving after one experience or one transaction? If you want to build a sustainable and scalable business, you need to cut down on churn, the rate at which people are discarding your products and services. To do so, calculating your customer retention is the first step in this process. First, retention refers to a certain point in the customer lifecycle and it can be measured monthly, quarterly, or annually depending on the business. Know this time period because it is an important factor in your calculations. Second, there are two different ways to calculate retention: 1. Customer Retention Rate (CRR) 2. Dollar Retention Rate (DRR)