Churn
What is a churn?
Churn happens when a customer stops their subscription with your company and seizes using your products or services. Churn is also called customer attrition. There are many issues, that raise a customer churn rate. One of them is a poor customer service.
Take all the customers you lose during a certain time and divide this number by the sum of clients you had at the beginning of a selected time period. You can calculate your customer churn rate this way.
It is better to keep and take care of customers. One way is providing a great customer service with LiveAgent.
FAQ
What is a churn?
The churn rate is an index that shows how many customers have left us in a given period. It shows us how valuable the product you offer is and how you can keep customers with your brand.
How to calculate churn?
To calculate the churn rate, subtract the number of users who are with you at the end of the month from the number of users on a given day (e.g. the beginning of the month). Then the obtained number should be divided by the first number of users and we get the percentage which is the churn rate. For example: (1000-200) / 1000 = 80% churn rate
What can a company do to decrease churn?
To reduce the churn, the company should keep analyzing why the resignation occurs. For example, contacting customers who wish to move away from the brand can help. We then gain two things – a chance to retain the customer, and knowledge about the reason for leaving. Client education is also extremely important. It is connected, for example, with the fact that the customer knows who to contact in the event of a problem. What else can you improve? Certainly customer service, the level of which has a huge impact on the customer approach, as well as offering profits to customers who are with your brand and are faithful to it.
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