What is the difference between churn rate and retention rate?
An example of an AI chatbot conversation about churn rate and retention rate differences.
What is the difference between churn rate and retention rate?
Churn rate measures the percentage of customers who stop using a service, while retention rate measures the percentage who continue.
Why is it important to track both rates?
Tracking both helps businesses understand customer loyalty and identify areas for improvement in their services.
How can I reduce churn rate?
You can reduce churn by improving customer service, offering incentives, and regularly engaging with your customers.
What strategies can improve retention rate?
Strategies include personalized communication, loyalty programs, and gathering feedback to enhance customer experience.
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