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Strategies for reducing customer churn and increasing customer loyalty
The hunt for new customers is always on, however, not many people actually focus on reducing churn in their businesses. Today we’re going to talk about various strategies that can help you reduce churn, which might be as effective as a huge marketing campaign in the long run!
What is a churn rate?
So, churn rate is a metric that shows the percentage of customers you lose when their subscription expires, or they stop using your product. Think of calculating customer churn rate as checking the health rate of your business.
The churn rate is a great indicator for any subscription-based business. It’s used by telecom companies to see if enough people are using their phone services. SaaS companies use it to check if their user base is growing and if users see value in the software.
And if you want, let’s say, your subscription-based business to grow, then the number of customers you get every month needs to be higher than the number of customers who churn.
In this video, you'll learn the following:
👉 Calculating the churn rate
👉 Factors affecting churn rate
👉 How to decrease the churn rate
00:00 Introduction
00:20 What is a churn rate?
01:00 Calculating the churn rate
02:26 Factors affecting churn rate
03:48 How to decrease the churn rate
06:54 Outro
#churn #business #livechat
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