6 Churn Reduction Strategies: Create A Magnetic Onboarding Process - Deepstash

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6 Churn Reduction Strategies: Create A Magnetic Onboarding Process

A great onboarding process helps companies:

  • Give customers the best first experience of the product possible, by guiding them through it.
  • Keep customers informed throughout the process with a clear line of communication.
  • Enable customers to learn more about how to use the product.
  • Find out what works and doesn’t for their customers.

Many companies use the tried and tested method of well-timed emails to ensure the onboarding process is smooth.

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Listening to your customers (and acting on their feedback) directly impacts churn.

  • User churn is the number of customers you’re losing in a given timeframe (typically per month or year).
  • Revenue churn, which is arguably even more important, is the amount of revenue you’re losing in a given time frame due to downgrades or cancellations.

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.

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.

Ask your customers why they are cancelling. Make sure you customize the cancellation reasons in your survey based on your product.

You can build Customer(or Brand) Loyalty by:

Typically, one of two things happens when your customer’s payment fails:

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