MBA1395 Q&A Wednesday: My churn is out of control. How do I reduce churn ASAP?
Don’t just look at growth. Look at churn.
If the latter outpaces the former, you have a huge problem. Churn destroys businesses, even ones that grow at a decent pace.
If you don’t already know, churn is the rate at which a business loses recurring customers, like monthly subscribers. For these kinds of businesses, keeping existing customers is just as important (if not more important) than finding new ones.
It’s Q&A Wednesday, and we’ve got a listener whose churn is cancelling out every bit of progress made. We’ll discuss how to invest in retention as effectively as you invest in acquisition, so you’re not bringing money in one end only to lose it out the other.
The key is to establish a system for retaining recurring customers. Get the intel you need to keep customer loyalty high, then act on it to increase long-term satisfaction. As the founders of a SaaS company, we’ll share our own strategies for keeping churn low, as well as some of the resources we use to keep an eye out for trouble.
If your business uses a recurring model, churn protection is Priority One. Hear how it’s done. Click Play!
To submit your questions, visit 100mba.net/q.
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