What is 'customer retention' in SAP CRM - Customer Relationship Management?

customer retention - Overview

• Component: CRM

• Component Name: Customer Relationship Management

• Description: The ability to obtain the loyalty of customers.

customer retention - Details

• 
  Key Concepts: 
  Customer retention is a strategy used by businesses to keep existing customers engaged and loyal to the company. It involves creating a positive customer experience, providing incentives, and building relationships with customers. In the SAP CRM Customer Relationship Management component, customer retention is achieved through various tools such as segmentation, loyalty programs, and customer service. 
  
  How to use it: 
  The SAP CRM Customer Relationship Management component provides a range of tools to help businesses retain customers. These include segmentation, which allows businesses to identify and target specific customer groups; loyalty programs, which reward customers for their loyalty; and customer service, which helps businesses build relationships with customers. 
  
  Tips & Tricks: 
  When using the SAP CRM Customer Relationship Management component for customer retention, it is important to ensure that the customer experience is positive. This can be achieved by providing incentives such as discounts or rewards, as well as by offering personalized services. Additionally, businesses should focus on building relationships with customers by providing excellent customer service. 
  
  Related Information: 
  Customer retention is an important part of any business’s success. To learn more about customer retention strategies, check out this article from SAP: https://www.sap.com/documents/2018/06/f9f3d7a2-e8b3-0010-82c7-eda71af511fa.html