“Customer churn” is one of those metrics that we learn to live with it, even when it invokes that (necessary) fear of failure in us. It’s important to keep in mind that the reasons why a customer would want to end or suspend their service are long and varied… and they won’t always be reasons that are in your control. Your client’s business might be restructured in a way where your product doesn’t quite fit, or they might close up shop.
But when customer churn happens because your customer feels let down? That’s what you want to mitigate, and what you definitely can.
https://www.business2community.com/brandviews/zendesk/turn-churn-around-reduce-customer-churn-01984552/
Forbes.com says that bad customer service costs $338.5 billion globally each year. In the US alone, that’s about $83 billion, or an average of $289 per lost relationship.
Most companies today accept the fact that good customer service has a profound effect on reducing customer churn, and eventually the bottomline. Measuring customer satisfaction has become a key function in most Fortune 500 companies.
https://hiverhq.com/blog/measuring-customer-satisfaction/
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