How to Define, Measure, Analyze and Predict Customer Churn
It costs your business more to acquire a new customer than it does to retain an existing one. Analysis varies when it comes to just how much more, but it’s somewhere in the ballpark of 5X to 25X. As such, defining, measuring and analyzing customer churn – then predicting and proactively reducing it – can save your business money. A lot of money. Here’s how. The cost of acquiring a customer is up to 25 times more expensive than retaining one.