Customer churn refers to the rate at which customers stop doing business with a company over a specific period of time.
It’s one of the twelve crucial growth metrics each platform should monitor monthly. It is the rate customers stop doing business with a company over a specific period. It is typically calculated by dividing the number of customers lost during a given time frame by the number of customers at the start of that period.
Common causes of customer churn include poor customer service, high prices, better offers from competitors, lack of product or service satisfaction, and changes in customer needs or preferences.
A business can reduce customer churn by improving customer service, offering competitive pricing, enhancing product or service quality, personalizing customer experiences, and actively seeking and responding to customer feedback. All of the above are being addressed through the Product-led Growth Methodology.
