“The best way to avoid customer churn is to know your customers.”
Welcome to the last episode of this year’s Content Pie! In this post, we will look at the topic of customer churn.
What is customer churn?
Customer churn, also known as customer attrition, occurs when customers stop doing business with a company. Churn can happen for a variety of reasons, such as:
- poor customer service,
- high prices,
- poor product improvement.
Whatever the reason, customer churn is costly for businesses because it means lost revenue.
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Why is reducing customer churn important?
Reducing customer churn is important because it helps businesses keep their revenue stream flowing. In addition, acquiring new customers costs five times more than retaining existing ones, so reducing customer attrition can also help save on marketing and advertising expenses.
What is the churn rate?
The churn rate is a metric that measures the percentage of customers who cancel their subscription or service within a given period of time. It’s an important metric for companies to track because it can give them insights into customer satisfaction and retention.
📚 Ebook tip:
In purpose to avoid customer churn, track customers’ intentions with the right questions.
The most valuable part of any survey is often not the score you receive. It’s the “why” behind the score that provides the most insight.
So we’ve rounded up a list of survey questions, including follow-up questions you can use in your next customer-facing survey to supercharge your results and drive impactful changes.
📖 Recommended articles:
🎙Podcast tip:
Customer Experience Leaders Chat is where we talk to support professionals from all over the world and discuss what’s behind their team’s success.
Listen as Matt from SevenRooms outlines a unique approach to motivation and something all support leaders can apply to their teams today.
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