What are the key metrics for measuring customer retention?
An example of an AI chatbot conversation about metrics for customer retention.
What are the key metrics for measuring customer retention?
The key metrics for measuring customer retention include Customer Retention Rate, Churn Rate, and Net Promoter Score.
How do I calculate the Customer Retention Rate?
To calculate the Customer Retention Rate, use the formula: (Customers at End of Period - New Customers) / Customers at Start of Period x 100.
What is a good Churn Rate for a subscription business?
A good Churn Rate for a subscription business typically ranges from 5% to 7% annually, but it can vary by industry.
Can you explain what Net Promoter Score is?
Net Promoter Score (NPS) measures customer loyalty by asking how likely customers are to recommend your business on a scale of 0-10.
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