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It's important to keep an eye on your customer metrics.
This includes the not-so-good metrics, such as response rates, negative reviews, and – worst of all – customers leaving your business.
We are moment and today we are focusing on customer churn, what it is, some examples and how it affects your business.
So what is customer churn?
Customer churn is the rate at which your business loses customers. This number is easy to calculate.
For example, let's say your business had 1,000 customers at the beginning of the month. By the end of the month, 50 of those 1,000 customers have left your business.
This would equate to 5% customer churn for this month.
Customer churn is an incredibly important metric because it's more expensive to acquire a new customer than to retain one. Additionally, with every customer you lose, you also lose future recurring revenue.
#customer churn #business #customer loss
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