'Churn rate' is like the amount of friends you lose over time. For businesses, it refers to how many customers they lose in a certain periodfixed amount of time.
'Churn rate' is a business term that refers to the percentage of customers or subscribers who stop doing business with a company over a particular timeframeperiod of time.
'Churn rate' is a business metricmeasuring standard that quantifies the proportion of contractual or subscription-basedbound by agreement or subscription customers who discontinue their engagement with a company within a defined period, signaling customer retentionkeep in possession capacity.
Context
Business
In retailingselling goods to consumers, the churn rate signifies the number of customers who stop shopping at a store compared to the total customer base. A retailer may say, 'Our churn rate last quarterthree months period was 30%, significantly higher than our competitors.'
In SaaS (Software as a Service) businesses, churn rate refers to the percentage of subscribers who cancel their subscription within a given time. 'Despite adding new features, our software's churn rate remains high,' a product manager might say.
In marketing, understanding churn rate helps marketers to develop strategies to retaincontinue to have existing customers and attract new ones. A marketing manager might state, 'Our customer loyalty programplan to encourage repeat customers has helped reduce our churn rate.'
From a customer service perspective, a high churn rate could indicate dissatisfactionlack of satisfaction with a company’s service. A service manager might note, 'Customer complaints are rising sharply, leading to an increased churn rate.'
Practice Professional Conversation
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