In the context of sales, what is meant by 'retention' in the buyer's journey?

'Retention' in the buyer's journey refers to the process of keeping existing customers engaged and satisfied with a company's products or services. This stage is crucial because acquiring new customers often costs more than maintaining and nurturing existing relationships. Focusing on retention involves consistently providing value, addressing customer feedback, and ensuring a positive overall experience, which can lead to repeat purchases and customer loyalty.

Effective retention strategies may include personalized communication, loyalty programs, and proactive customer service. When customers feel valued and adequately supported, they are more likely to continue their relationship with a brand, leading to increased lifetime value and positive word-of-mouth referrals.

The other options relate to different aspects of sales. Attracting new customers focuses on acquisition strategies, introducing new products pertains to innovation and market exploration, and assessing customer needs involves understanding the market and individual preferences. However, these actions do not directly address the retention of existing customers, which is key to sustained business growth.