Customer retention refers to the activities and actions companies and organizations take to reduce the number of customer defections, improve their repeat purchases, and increase their lifetime value.
Despite the ever-increasing amount of marketing data companies collect on their customers, customer retention efforts tend to be reactive, blunting their effectiveness. Preemptively intervening with customers before they have decided to leave is significantly more effective than persuading customers that have already decided on leaving to change their minds. Replacing them with new customers is also difficult and costly.
Gordian Knot Analytics Group, Inc. RETAIN is designed to help marketers determine at risk customers, defining the most effective means of retaining them, and understand how to proactively deliver positive customer experiences.