What Are Customer Retention Programs?
Customer retention programs are programs designed to encourage existing customers to remain customers. In the business world, it is a well-known fact that it costs much more to obtain a new customer than it does to keep existing customers. As such, it is essential to keep existing customers happy and returning to the brand or company by offering various retention programs and benefits. Customer retention programs are very common with cable television companies, cell phone companies, satellite service companies, and other companies who receive monthly payments from customers. For these companies, it is extremely important to maintain their customers, as each customer provides a steady influx of cash. As such, when customers call to cancel, they are generally directed to a special cancellation or customer retention department which has the authority to offer them numerous incentives, such as free premium television service, a discount on their monthly bills, or other incentives to remain
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