They’re great marketers. Revenue is solid.
But, they have a “leaky bucket”.
Customers come in, but leave quickly.
Churn is a cancer within a business, and it’s costing companies a ton of lost revenue.
There are 2 types:
1. Voluntary churn = Customer service problem
2. Involuntary churn = Payments problem
41% of churn is involuntary—a shockingly high number!
It’s all fixable.
To reduce voluntary churn:
→ Improve operational efficiency
→ Strengthen your value proposition
→ Enhance customer engagement
→ Fix billing practices and controls
To reduce involuntary churn:
→ Use automatic credit card updater tools
→ Retry failed transactions
→ Notify customers when payments fail (dunning)
→ Offer alternative payment methods
Retention isn’t just a buzzword.
It’s the key to business survival.
If you don’t have a strategy to reduce churn,
you’re in serious trouble.
Priority: The Ultimate Product
Speed wins.Patience is scarce; customers pay to save time.The smartest
