Those who work in software and BI companies know that their biggest challenge is retaining customers and avoiding churn (contract cancellation). But few people realize that you can reverse this scenario with the help of Digital Marketing.
To do this, you need to meet the needs of your base, and this includes reducing turnover, which becomes a priority.
Knowing this, I have selected some crypto email list information in this article, so that you can identify which one best suits your scenario. Enjoy reading!
What is Churn?
First, let's define what this concept means. Churn can be understood as any resource lost in a certain period of time. Typically, it refers to users or lost revenue.
For example, if you have a user churn rate of 5% per month, that means that each month 5% of your customer base is canceling.
Or if you said you had $2,000 in monthly revenue churn, we can understand that you lost $2,000 in monthly recurring revenue from customer cancellations.
Knowing this, the simple English formula for calculating churn is:
[Resource lost / # of resources at the start of a given interval]
Best practices to avoid Churn
Now that you know what churn means, it’s time to learn about some alternatives to avoid this problem in software companies. Check it out!
Strengthen customer relationships
It's no secret that churn is directly related to engagement with your product or service. In short, the more customers interact with your company, the less likely they are to leave.
Therefore, the objective is to invite subscribers to interact constantly, as this will make them remember your company and repeat the purchase again, or even recommend it to other people .
The reason these customers are determined to buy only from specific brands is because they have developed customer loyalty , and this is not limited to big international brands.