Explain about the measuring of retaining customers.
The measure of retaining customers is given below:
Cost of losing a Customer: Attracting customers is of no employ unless you identify the art of keeping them. Customers can be retained only when the products meet their expectations. When they are satisfied along with the performance of the products, they may talk regarding them to others. Conversely if they are dissatisfied, in that case they may stop using the products and talk negatively to others concerning them. A term of month is the strongest medium for communicating along with potential customers; this might cost a company heavily when there is negative talk regarding the company or its products when a company can suffer customer attrition. Thus, it must pay close attention to the defection rate that is the rate at that they lose customers.