Customer churn analytics is the process of assessing how many customers you are losing over the course of a year. Often we are so focused on getting new customers that we don’t realise how many existing customers are leaving – customer churn analytics can help answer those questions.
Winning customers is one challenge, but keeping them is just as important and your customer churn can therefore be a powerful indicator of future financial performance. Obviously, if you are losing more customers than you are gaining then you are going to run into trouble.
Customer churn analytics also allows you to predict customer churn in the future and take evasive action before you lose those customers.