We spend a lot of time and money trying to acquire new customers. But if you’re adding those customers to a leaky bucket, you’re not growing as fast as you could.
Churn, left to its own devices, is a problem for any business.
Picture a business with 400 customers turning over $1 million per month with 5 percent monthly churn rate. By the end of the year, after that 5 percent churn month after month, the business will lose nearly 50 percent of its customer base. Just to keep level, it will need to acquire 200 customers … simply to replace the ones it’s lost.
Fixing that leaky bucket needs to be your number one priority.
Here are our top 9 tips for keeping customers loyal and never losing another customer. Continue Reading…