Many businesses spend all their energy focusing on acquiring new customers, ignoring the impact that customer churn can have. This can be a silent assassin without noticeable symptoms. Many businesses don’t properly take notice of client retention until they experience a slow or stop in new client acquisition. At this period, it can become glaringly obvious that customers are leaking out the bottom of the bucket at a rate of knots.
Understanding your customer churn rate is an important metric to monitor as it can uncover and identify major issues before your business experiences a cardiac arrest. We’re not trying to harbour fear here, but consider yourself lucky if you haven’t had this experience yet, and start tracking this metric before things explode (touch wood they don’t!).
In this article, you’ll learn actionable ways you can measure your retention rate and put in place initiatives to both increase and improve this rate.