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I don't know about the customer retention? What does it do? How to set it up?
Retainage is the money that is owed by an upstream party to a downstream party to ensure the agreed project work satisfies the contractual obligation. It is an essential part of billing cycle in the contracting and construction industry.
There are two types of retainage – withheld “by customers” and withheld “from vendors”.
Customers always want to make sure that they get the best work/service done from their vendors successfully, in time with 100% quality ensured.
More details,please refer:
The customer retention works only in combination with the project module.
If you don't use it you can't make use of it.
The principle is simple, you have a sales order and the customer retains an amount $x based for example on milestones reached / progress of the project.
Once the milestone or progress has been reached you can claim the money.
All is tracked on a specific GL account that you can use for tracking the retention.
There is also a specific project retention form which gives you an overview of the amounts retained.
Ideally Customer retention is also denoted as retention marketing.
Retention marketing is a strategy that involves a series of techniques that transform visitors into repeat customers.
A successful marketing campaign to boost retention is based on the detailed history of each and every customer. This includes all the times that your customers interacted with your brand.
To give you an example, the data points could include store visits, outreach engagement, and past purchases. Once you get hold of these valuable data, you can effectively create behavioral segments, that will further help you with framing a retention marketing strategy.
But you must understand that a personalized retention marketing campaign is the name of the game, to bring your customers back for repeat purchase. Following are the success metrics you’ve got to track:
Average order volume per purchase
Customer retention rate
While I’ve defined what retention marketing is, you need to also understand why it’s ten times more important than acquisition marketing.
For better and indepth understanding with strategy and examples visit the link www.getingage.ai/.../your-guide-to-retention-marketing-in-2020
For better and indepth understanding with strategy and examples visit the link
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