Retention is a key metric in product management that measures the ability of a company to keep its customers engaged and using the product over time. It’s like having a leaky bucket - if customers are constantly leaving, you'll have to keep acquiring new ones to fill it up. In simpler terms, retention is all about keeping customers happy and satisfied so they stick around. High retention rates indicate that customers find value in your product and are likely to become loyal users. Improving retention is crucial for long-term success and can be achieved through regular product updates, excellent customer support, and exceptional user experience.