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Customer Retention Glossary

Key terms for better understanding

 

Aa

Advocacy Marketing 

Harnesses the power of word-of-mouth where loyal and happy customers are messengers for a brand.

Advocates 

Individuals who willingly promote the company’s products and services.

Affiliate Marketing

Incentives are given to advocates for every new customer they bring in.

 

 

Bb

Beyond Loyalty 

Harnesses the power of word-of-mouth where loyal and happy customers are messengers for a brand.

B2B

Standing for Business to Business, it means that transactions of a company are focused and targeted towards other companies.

B2C

Standing for Business to Consumers, it means that transactions of a company are focused and targeted towards other consumers.

Business Growth 

The stage where the business reaches the point for expansion and seeks additional options to generate profits.

Brand Awareness

Level of recognition of a brand; how much consumers remember the brand when a particular product is mentioned.

 

 

 

Cc

Cost-centric

Businesses’ focus is on reducing cost.

Consumer Behavior

The way customers act when performing an action.

Consumer Experience

Matching of expectations and reality when customers go through different points of contact.

Content Marketing

A marketing strategy where the focus is on disseminating and distributing content related to the brand.

Customer Engagement

Interaction between companies and customers through various tactics.

Customer-centric

Places emphasis on customers and providing good customer service.

Customer Churn

Customers, subscribers, or members that are no longer purchasing from a particular business. 

Customer Loyalty

It is the likelihood of a customer to make repeat purchases and favor one brand/business over others. 

Customer Retention 

Business' ability to keep their customers over time.

Customer Rewards

Incentives that a business 

Customer Retention Program 

A program that helps companies to retain as many customers as possible.

 

 

Dd

Digital Rewards

Distribution of rewards done online. This includes redemption of e-vouchers and codes.

Digital Marketing

Marketing carried out through online mediums.

 

 

Ee

E-wallet 

A digital wallet that stores all your digital membership cards and/or money.

 

 

Ff

Feedback

Suggestions or surveys conducted to improve the business.

 

 

Gg

Gamification

Incorporate elements of a game to engage customers.

 

 

Hh

 

 

 

Ii

Insights Dashboard

Data on performance and other factors consolidated and displayed for analysis.

Increase Revenue

Increase the total amount per transaction 

Increase Sales

Increase the number of transactions. 

 

 

Jj

 

 

Kk

Key Opinion Leaders

Individuals or organisations that has expert knowledge or influence in a particular field.

 

 

Ll

Liaison

Facilitation of communication between customers and businesses.

 

 

Mm

Marketing Automation

Usage of tools or software to craft various marketing strategies.

 

Membership Tiering

Status granted to customers when they hit certain milestones.

Marketing Automation

Usage of tools or software to craft various marketing strategies.

 

 

Nn

Notifications

Reminders that inform individuals of updates or promotions.

 

 

Oo

Onboarding

Enrolling of new members into the system.

Organic Marketing

Traffic is gained automatically, without the need for advertising.

 

 

Pp

Perks Engagement

Use benefits or incentives to interact with customers.

Predictable Revenue 

A framework to create consistent business growth periodically.

Profit Drivers 

Factors that have a significant impact on the business bottom line. 

 

 

Qq

QR Code

Scanned by a phone’s camera to access a link.

 

 

Rr

Recurring Revenue 

A portion of the business's revenue that is expected to continue in the future. 

Revenue-centric

Businesses’ focus is on increasing revenue.

Repeat Customers 

When a customer returns again to purchase good or service from a business.

Repeat Purchases

Purchases/Transactions made by regular customers.

Ratings

Scores given by customers, indicating their experience in stores.

Referral

The process of an individual mentioning to others about a product or service and gets them on board.

 

 

 

Ss

SMS Blast

A series of SMS sent out to customers informing them of events or actions.

Segmentation

Dividing customers into different age groups or other segments for more targeted advertising.

Social Selling

Selling to friends or others through social media.

 

 

Tt

 

 

Uu

User-friendly

Making an interface (website or app) easy to use by visitors.

User-generated Content

Content created by consumers or users and shared with other consumers, usually contains reviews or opinions about a product.

 

 

Vv

Viral

An article that garners a lot of attention in a short amount of time.

 

 

Ww

White-label

A product or service made by others that is rebranded to seem like the company made it.

Word-of-mouth

Individuals mention to their friends or family about a product or service.

 

 

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Yy

 

 

Zz