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 Leave some feedback: What should we talk about next? Please let us know in the comments below. Did you enjoy this episode? If so, please leave a short review. Connect with us: NeilPatel.com Quick Sprout Growth Everywhere Single Grain Twitter @neilpatel Twitter @ericosiu Learn more about your ad choices. Visit megaphone.fm/adchoices See omnystudio.com/listener for privacy information.