A baker, who makes the best pastries in town, gets defeated by his competitor in gaining customers. What he didn’t anticipate was that the latter offers personalized service and customer loyalty programs.
This is called customer retention. These are activities and actions companies take to make their service and products attractive enough for customers to return to.
There are several ways for a SaaS company to keep its customers, including continuous communication, providing exemplary customer service and incentives to long-time loyal subscribers.
Other interesting terms…