customer churn rate

You likely already know how important it is to focus on your existing customers to increase your profits. 

Even when you work hard to nurture your ideal customers, others are leaving your business. 

The truth is, many companies across different industries struggle to retain customers as well. 

However, improving customer retention by just 5 percent boosts profits by an average of 75 percent. And that’s all because loyal customers spend up to 300 percent more than first-time buyers. 

It starts with understanding why customers leave — or “churn” — in the first place and how the right communications strategy allows you to keep them longer. 

Here’s what real small businesses said when we asked if they currently know the churn rate for their business:

customer churn rate data
Almost 73% of respondents said they don’t know what churn is, 22% said they don’t have the resources to calculate it on a regular basis, while only 5% said they calculate it regularly. 

Watch this webinar to learn how to keep customers longer and maximize their lifetime value

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