The Most Effective Strategy to Reduce Churn
15 minutes
|
February 9, 2022
All
Process
Insights
Key takeaways
- Customer Success Minimizes Churn: Focused on customer success strategies to retain subscribers, key to reducing business losses which exceed $1.6 trillion annually due to churn.
- Benefits Across Business Stages: Emphasizes long-term value creation through customer engagement from onboarding to ongoing support, aligning with broader business goals.
- Expanding Customer Relationships: Outlines tactics for expanding customer spend and advocacy, increasing company revenue through enhanced service experiences and customer loyalty.
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According to Accenture, customer churn is costing businesses more than $1.6 trillion per year! Not familiar with churn? Put simply, it’s the percentage of your customers who have cut ties with your service or company during a given time period. Low churn is good, whilst high churn is deadly for any business. Because of the risk that churn poses to businesses who use recurring revenue models, savvy organizations have started focusing on Customer Success as a way to combat it.