Metrics for Churn Prediction

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Key metrics for churn prediction

I write on the internet yet I’m not a vegan I don’t do yoga and I don’t drink smoothies. What’s more customer churn is relevant to most kinds of businesses regardless of their size. It is essential to all SaaS businesses but it also applies to eCommerce any Canada Phone Number List business with a subscription-based pricing model or recurring customers/clients and also many companies that offer services. So let’s get started by understanding what exactly is customer churn. What is Customer Churn? Customer churn also known as customer attrition or customer turnover is the rate at which customers stop using the service/ product of a certain business. In simpler words it’s when customers leave or churn away” from a business.

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Customer Complaints & Support Tickets

It’s a concept that applies to various industries from subscription-based services to retail and beyond. Customer churn is a rate therefore a number. The formula to calculate this number is as follows Churn Rate growth metrics For example let’s say that a company has customers on the st of July. During this month of the existing customers WS Numbers  leave and new customers come. Then according to the formula the churn rate is Churn rate = . % Last but not least we should mention that customer retention is the exact opposite of customer churn. The importance of customer churn Customer churn is crucial because losing customers means losing the very fuel any business runs on. And acquiring new customers is expensive and time-consuming so that’s the importance of customer retention and why you should minimize customer churn. When customers cease their relationship with a company it not only results in the loss of their current revenue but also the potential revenue from future purchases.

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