Question

Jenny owns a salon. She had 150 customers at the end of the third quarter, 151 customers at the beginning of the third quarter, and five new customers in the third quarter. What is her customer retention rate for the third quarter? Customer Retention = (.

Answer 1

There is a 96% customer retention rate for the third quarter.

Given

Jenny owns a salon.

She had 150 customers at the end of the third quarter, 151 customers at the beginning of the third quarter, and five new customers in the third quarter.

Customer retention rate

It determines the percentage of customers that the company has retained over a given period.

The customer retention rate is determined by;

$\rm Customer\ retention\ rate=\dfrac{Given \ period - New \ customers}{Initial \ number}\times 100$

Substitute all the values in the formula;

$\rm Customer\ retention\ rate=\dfrac{Given \ period - New \ customers}{Initial \ number}\times 100\\\\\rm Customer\ retention\ rate=\dfrac{150-5}{151}\times 100\\\\\rm Customer\ retention\ rate=\dfrac{145}{151}\times 100\\\\\rm Customer\ retention\ rate=0.96 times 100\\\\\rm Customer\ retention\ rate=96 \ percent$

Hence, there is a 96% customer retention rate for the third quarter.

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