Customer churn analysis can provide you and your teams with valuable insight into what drives your current churn rate and potential improvements.
Customer churn analysis is a way to understand the points in the customer journey where your customers are churning, and this allows you to proactively fix these parts of your customer journey to retain more customers.
Customer churn can occur at any point along the customer journey. The reasons behind a customer’s decision to leave may reach back farther than you might expect, and may involve a sequence of events rather than a single incident.
This is why it is critical to keep an eye out for possible contributing factors at every stage of the customer journey, not just when escalations arise.
You need to understand what outcome / value your customers are trying to achieve from your products and services. You also need to measure them and track how you are doing against delivering on the outcome. If you don’t, they will churn.
The following customer churn analysis checklist outlines what specific factors will typically be most valuable to track and analyze during each stage of the customer journey.
Customer churn analysis is a critical component of any successful enterprise’s customer success strategy, but it is also a complex and involved process that must be adapted and updated constantly to fit your customers’ changing needs.
It is crucial to support your team’s efforts with a system that is equal to the task of adapting and scaling over time.
A customer churn analysis solution should:
With the right customer success platform in place, you can minimize churn and, ultimately, increase customer-centric growth.