What Churn Is and How to Reduce It | Ep. #69

In Episode #69 Eric and Neil talk about churn—what it is and how entrepreneurs can reduce it. Listen as walk through the process of measuring churn, the importance of knowing what your customers love about your product or service, and what tactics you can implement to kill churn in your business.
Time Stamped Show Notes: 00:28 – Today’s topic: What is churn and how to reduce it?

00:35 – Churn is a metric number
00:42 – Churn = customers you are losing per month divided by all your customers
00:55 – Neil’s experience with churn 01:29 – If it sucks you’ll get high churn; if it’s great you’ll get low churn
02:14 – Churn of 2% or under is acceptable
02:38 – It’s difficult to scale a business with 5% churn

03:10 – Conduct a survey to your audience to know what’s wrong
03:35 – Neil’s tactics to reduce churn 03:50 – Yearly subscriptions
04:41 – Put invoices on the dashboard
05:11 – Find out what people love about your product
06:17 – Figure out what metrics are important to you or to the users
06:28 – Qualaroo and Google Analytics

07:14 – One Key Metric

07:31 – Dunning
07:41 – Churn Buster

07:58 – Use Visa and Master Card updater
08:39 – Pausing or stopping a subscription and restarting again
09:18 – That’s it for today’s episode!
3 Key Points: Remember to ask your customers for their feedback.
Know what people love about your product or service.
Know what metrics are important for your business.
Resources Mentioned:
Qualaroo and Google Analytics – Tools you can use to identify your metrics

One Key Metric – Josh Elman’s post

Churn Buster – Tool you can use to limit dunning
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