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LogoutCustomer Retention involves turning individual consumer transaction into long term relationships by making it in the best interests of customers to stay with the company rather than switch to another firm.
Ex: Long term customer are more likely to purchase ancillary products and high margin supplemental products, they become important assets when new product and services are developed and tested.
Customer Retention Marketing in my view is a philosophy that values the customers you already have. While loyalty cards and reward points have been offered by retailers since a few decades, retention marketing has acquired a new meaning and primarily refers to strategies, activities and campaigns aimed at retaining existing app users.
Customer retention is important for every company because it is cheaper to retain your existing users than acquire new ones. Moreover, if your existing users are happy they will promote and help you acquire new users through word of mouth.