But does it have higher customer retention over the long term?

I'm going to guess the answer is no - which is why organizations have to be careful which metrics they measure and incentivize on. Granted, this failing is industry-wide as the longest view on most orgs' dashboards is YoY. When that metric starts freefalling, it most likely will be too late to do anything about it, but most of the staff (up to the CEO) will have padded Resumes with amazing numbers for improved conversion/revenue which will get them to the next job.