What does it mean when we say “retention marketing”?

Retention marketing focuses on strategies to keep existing customers engaged and purchasing again. It begins after a customer's initial purchase, aiming to foster loyalty, encourage repeat business, and increase their lifetime value. This contrasts with acquisition marketing, which targets potential customers before their first purchase to build awareness. While engaging customers during their first purchase is crucial for conversion, retention marketing specifically addresses the post-purchase relationship to cultivate long-term customer relationships.