Why Customer Churn Rate Matters
Why Customer Churn Rate Matters:- Customer Churn and Retention - In marketing, we spend tons of your time trying to draw in new customers, but it is also important to understand what percentage of customers you would possibly be losing. So, we're gonna discuss the churn rate. Unfortunately, not all customers are loyal . Sometimes, no matter how hard you try, some customers decide to move on to another company and its product. Knowing what percentage of customers you lose to the competition, versus what percentage you keep will help inform your marketing strategy and should even guide your product and pricing strategy. Your customer churn rate refers to a percentage of customers that your business loses over a specific period of time. And the way to figure that out is pretty straightforward. So to understand your customer churn rate , you take the number of customers lost over a time period over the number of active customers at the start of that time period. So for