6.Churn
In any business that relies on a subscription-based income model, addressing customer attrition is crucial. Failing to address this issue promptly will result in working tirelessly just to maintain the status quo.
The churn rate is a measure that quantifies the proportion of customers who discontinue using a product during a specific timeframe, in comparison to the overall number of active customers.
The ultimate strategy for overcoming customer attrition is enhancing customer retention. It is essential to establish a robust retention system that ensures your customers remain engaged with and committed to your product.
Starting with 100 clients, if 5% leave monthly, your customer base will be reduced by 50% within one year.
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