What are churn rate metrics and why are they important?
An example of an AI chatbot conversation about churn rate metrics and their significance in business.
What are churn rate metrics and why are they important?
Churn rate metrics measure the percentage of customers who stop using a service over a specific period. They're crucial for understanding customer retention.
How do you calculate churn rate?
To calculate churn rate, divide the number of customers lost during a period by the number of customers at the start of that period, then multiply by 100.
What is a good churn rate for a subscription service?
A good churn rate varies by industry, but generally, a monthly churn rate of 5-7% is considered acceptable for subscription services.
What strategies can reduce churn rate?
Strategies to reduce churn include improving customer service, offering loyalty programs, and regularly engaging with customers to gather feedback.
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