Calculating churn rate provides raw insight into your customers' loyalty. By measuring the number of customers who stop using a service over a given period of time, whether that’s a month, a year, etc., we can identify trends, potential problems and opportunities for improvement. A high churn rate may indicate a problem with the product, service or customer relationship. Conversely, a low churn rate shows that customers are satisfied and loyal to the brand.
By calculating the churn rate, you can quickly identify potential problems in your offer or service. You can then make targeted improvements to retain your customers. By reducing the churn rate, you can increase the average lifespan of a customer, which can significantly boost your revenues in the long term! With a better analysis of churn rate, you can also better target your marketing actions. Instead of spending resources on acquiring new customers, you can concentrate your efforts on retaining existing ones, which is often less costly and more profitable. A loyal customer base can also serve as a solid foundation for your business, encouraging positive word of mouth and attracting new customers without additional advertising costs. Furthermore, by analyzing the reasons why customers leave, you can fine-tune your product or service to better meet market needs and boost your company's revenue!
With our churn rate calculator tool, fill in the following data:
The churn rate needs to be monitored and assessed according to various criteria in order to optimize it as much as possible. So what can you do to improve your performance?
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