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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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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
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 cus...
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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 le...
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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...
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Other curated ideas on this topic:
Build Workflows Around Your Customer Churn Red Flags
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.
Do ...
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