A business with poor customer retention is a lot like a bucket with holes. You can try to make it work, but you’re better off figuring out how to patch the holes up. First things first: what is customer retention? As the name implies, this is a process of turning your existing customers into loyal buyers. Studies show that increasing your customer retention rate by 5% can increase your profits by up to 95%. Focusing on customer retention strategies comes with other benefits as well. It helps you figure out how satisfied your customers are and what might be turning them off.