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How to Partner with Influencers for Maximum Impact
Digital Agency
5/17/24
What’s retention & who needs to measure it
Backwards compatibility is a software term that refers to whether or not two components can interoperate across versions. For example, Windows applications from the 90's still run, but it does take a fair amount of thought and effort from Microsoft.
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Let's do a bit of a memory jog. Retention measures how many users remain engaged with a product or service after a certain period. This metric is essentially the mirror image of churn — the rate at which customers discontinue their use of a service or product.
Initially, it may seem that not every business needs to worry about retention. Here are a few examples:
- One-time products: Items that are typically purchased once due to their durability or unique nature. A dining table or a one-time-purchase software is a good example.
- Seasonal products: Goods that are relevant only during certain times of the year, such as holiday decorations or seasonal apparel.
- Luxury items: High-end products like those offered by Zillow, where repeat purchase frequency is naturally lower due to the product's nature and price point.
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