What is churn rate and why is it important for businesses?
An example of an AI chatbot conversation about churn rate and its significance in business.
What is churn rate and why is it important for businesses?
Churn rate is the percentage of customers who stop using a service during a given time period. It's crucial for businesses as it helps measure customer retention and overall satisfaction.
How do you calculate churn rate?
To calculate churn rate, divide the number of customers lost during a period by the total number of customers at the start of that period, then multiply by 100.
What are some common strategies to reduce churn?
Common strategies include improving customer service, offering loyalty programs, and regularly engaging with customers to understand their needs.
Can you give me an example of a business with a high churn rate?
Sure! Subscription-based services like streaming platforms often experience high churn rates, especially when users find better alternatives.
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