What To Do With a High Churn Rate - Deepstash
What To Do With a High Churn Rate

What To Do With a High Churn Rate

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A High Churn Rate

A High Churn Rate

Most of the advice in relation to building great digital products focuses on how to retain users.

User/customer retention is often the lifeblood of a software business. If your product or service cannot keep the customers it attracts, it cannot grow.

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The Churn Rate Explained

The Churn Rate Explained

In product management, we use the ‘ leaky bucket’ analogy. If you have a lot of leaks you'll never fill your bucket. Without filling the bucket, you’ll never achieve growth.

Customer churn rates are these leaks. Paying attention to churn rates is another step towards understanding your customer base, and how well you serve their needs.

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Customer Churn vs Revenue Churn

Churn consists of two categories:

  • Customer Churn refers to how many individual customers have deleted their accounts, cancelled their subscriptions, or not logged in for X amount of time.
  • Revenue Churn focuses on the value of these customers, and measures the monetary loss of the future transactions.

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Identifying The Source of the Churn

A few common causes for high churn rates are:

  • Competitors: When a new competitor arise, it's natural to have a peak in churn rate as customers shift over to see what they have to offer.
  • False advertising/disingenuous marketing: Bad marketing leads to churned customers, who may arrive with wrong expectations.
  • Usability/accessibility issues: An interface that isn’t easy to use, appealing to look at, or adaptable for those with special needs, will be dropped.
  • Users no longer need the product.
  • Reduced functionality.
  • Unmet needs.
  • Poor customer service. 

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How to Reduce Churn

  • Damage control: The key is to lean into controversy. The first step is to communicate openly and let your customers know what happened. Then tighten up on security and roll out an update.
  • Rewarding loyalty: Existing customers should be rewarded for their loyalty.
  • Re-brand: A fresh design can bring your users attention back and give the product new life.
  • Talk to your customers about what else they'd like to see.

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CURATED BY

karlabro

Maintenance engineer

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