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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 customer base is cancelling.
Or if you said you had $2,000 in monthly revenue churn, that means you lost $2,000 in monthly recurring revenue from either customer cancellations or downgrades.
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A great onboarding process helps companies:
Here are a few signs/red flags that you might have a churn problem:
To get more clarity, look at your churn by customer segments or cohorts.
Listening to your customers (and acting on their feedback) directly impacts churn.
Ask your customers why they are cancelling. Make sure you customize the cancellation reasons in your survey based on your product.
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Effective customer onboarding is vital in a SaaS business as it helps to educate customers on using the product and help them see the value. An onboarding checklist can help to set customers up for success.
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