The reason for the withdrawal of consumers, and this is where the churn rate comes in. This strategy is ideal for measuring the success of a business. Identifying whether there is growth or decline in relation to customers. In addition to this data. The company is also able to identify the reason for this turnover and find ways to reduce this rate. We are going to talk about what the churn rate is, its importance in an organization and present some strategies to reduce the turnover of your business. What is it and how to calculate churn. Churn translated into Portuguese, means turnover. Also known as turnover rate or cancellation rate. This is when we talk about an organization’s customer turnover. This metric is responsible for calculating the loss of a customer base that stops buying your product.
To calculate churn, simply take
The total number of lost people over a period of a month, a semester or a year. For example, and divide by all active customers at the beginning of this same period x 100%. The greater the number of cancellations, the worse the result of your company. 5 nutrition strategies to Cayman Island WhatsApp Number List reduce churn rate There are some strategies that a company can put in place to help reduce the number of cancellations in their business. See what they are below: 1- Listen to the customer Listening to the customer at all times is the number one tactic to keep him interested in the products and services you offer and, consequently, manage to reduce the abandonment rate. It’s critical that you make your customer feel connected and valued. For this, it is important to gather feedback from all purchase stages to plan retention strategies targeted at each of them.
Identify cancellation signs
The customer can probably show signs that he will soon abandon your brand. And knowing how to identify these signs is essential for your company to apply retention strategies in time to avoid reducing the churn rate. An important point to keep an eye on is the frequency of engagement. A consumer who usually visits your page frequently and starts visiting it only Executive List once a month, for example, demonstrates that he may be dissatisfied, thus ending up distancing himself from your brand. 3- Make your values clear When a company does not make clear what it believes and stands for, it often ends up losing consumers, as they cannot see value in its product or service. Thus, it is essential to make your client understand what you deliver in order to reduce your churn rate. You can inform consumers about a new promotion.