![]() ![]() While the primary metrics for understanding customer loyalty are customer retention rate and churn rate, these measurements can’t tell you everything you need to know about how and why customers return or leave. It can be daunting (or even depressing) to think about, but churn is a powerful way for a business to understand what’s working well and what needs to improve. So, it’s critical for companies to keep an eye on their customer retention rate.Ĭonsidering how important it is for companies to hold on to their customers, having a high degree of visibility into customer churn is equally essential. Loyal customers also contribute to your business’ health by providing referrals, promoting your brand on social media, and giving feedback to improve your product or service. There’s a simple, economic reason why customer retention is so important: Keeping your existing customers is a lot less expensive than trying to win new ones. Any company that wants to succeed must keep a close eye on its customer retention metrics. ![]()
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