Global Journal of Management and Business Research, E: Marketing, Volume 22 Issue 3

=� ( − ) × (1 + ) =1 − • CR - customer revenue • C - customer costs • R - retention rate • d - discount rate • AC - Customer Acquisition Costs 5. Customer Retention Rate (CRR) This metric tells you how many customers stay with the company over a period of time. It is relevant and connected to the churn rate. Retention is helpful because you know when the customers are more likely to stop using or paying for the product or service. This can also be modeled and applied to different audience cohorts and used to create specific tactics for these cohorts. The Customer Retention Rate can be calculated as follows: ( ) = � # − # # � × 100 6. Customer Churn Rate (CCR) Businesses usually spend a lot more on acquiring new customers than retaining them. Therefore, it is imperative for firms to keep an eye out on the churn rate. The lower the churn rate, the more loyal the customers are. Retention rate and churn rate go hand in hand since you can see where the retention rate is dropping off, which users are churning, and how can you retain them. ( ) = � # − # # � × 100 7. Repeat Customer Rate (RCR) This is a metric that can be applied to most businesses, especially that are not SaaS. Usually, companies spend a lot of money on acquiring customers and spend a lot of time on making sure that they are driving repeat purchases. Therefore, repeat customer rate becomes important, especially because you do not want the customer to go to a competitor. More and more retailers are now introducing new tactics to keep the customers coming back returning to them, such as save and subscribe, auto-replenishment, etc. They are also encouraging users to sign up for the app since app users have higher clv than non-app users and the app has a better link to loyalty. ( ) = d) Reporting and Dashboards While setting up metrics and measurement system is essential, it is valuable only if the insights are relayed to the teams and executives to take necessary action. Therefore, companies set up various types of dashboards and reports for teams to analyze, understand and act promptly. These reports can sit in visualization tools such as Tableau or PowerBI and can be scheduled to be delivered via email or text, depending on the cadence and urgency. A sample dashboard is shown below: © 2022 Global Journals Global Journal of Management and Business Research Volume XXII Issue III Version I Year 2022 ( ) E 54 The Three Most Critical Aspects for Implementing Holistic Customer Experience at Scale