Ideas from books, articles & podcasts.
70% of companies say it’s cheaper to retain a customer than acquire a new one. The old rule of thumb says it costs 5 times more to acquire a new customer than it did to retain one.
Engaged consumers buy 90% more frequently, spend 60% more per transaction, and are five times more likely to indicate it is the only brand they would purchase in the future.
Doing the right thing at the right time can help retain customers.
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Set up a workflow to determine which triggers to use based on the churn risk factors you’ve identified.
For SaaS providers, you might look for customers that haven’t logged into their account for X number of days, didn’t complete the onboarding, or have stopped using your product.
Collect the voice of the customers at risk.
This will help you be aware of many important things including the reason your customer bought your product, why they stuck around, and what made them cancel. The following methods and campaigns can be used to learn more about your customers:
Churn is inevitable. But you need to analyze the real reason for the churn which helps you build up solutions against it.
Use your churned customers’ feedback to avoid mistakes if any. Also if a customer is not satisfied with your product.
Don’t let that customer walk out the door bef...
If you know you can’t solve it, or if the customer isn’t worth saving, you should probably move on. Ask yourself this question, Is this customer worth all the effort you are taking to save them? It is obvious that you cannot solve every cancellation reason?
Maybe sometimes it’s not enough t...
Ask yourself these questions. Do you know the reason why your customer is canceling? Is this a surprise for you or do you already know the issue? Can the issue be solved?
Look deeper why weren’t you able to get in front of the issue earlier, what attempts to solve have you already made (bec...
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Defined as the percentage of customers that cancel their subscriptions in any given time period, churn rate is an essential metric that can make, or break, the success of your SaaS business.
That's why it's so critical to master churn analysis. No SaaS company can hang on to all its custo...
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Analysing Churn: A comprehensive Study
published 7 ideas
Churn can most basically be defined as resources lost in a given period of time. Typically it’s referring to users or revenue lost and is usually represented with either a percentage or dollar amount.
For example, if you had a 5% monthly user churn rate, that means each month 5% of your cus...
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