Churn Rate
Churn rate refers to the percentage of customers or users who stop using a product or service over a given period of time. In growth hacking, reducing churn rate is a key metric for increasing customer retention and ultimately driving growth. By analyzing user behavior and identifying the reasons why customers are leaving, growth hackers can implement strategies to improve the product or service and keep customers engaged.
Churn Rate at glance
- Churn rate refers to the percentage of customers who stop using a product or service over a given period of time.
- It is an important metric for growth hacking because it can help identify areas where improvements can be made to retain customers.
- A high churn rate can indicate issues with the product or service, customer support, or marketing efforts.
- Growth hackers may use strategies such as improving onboarding processes, offering incentives for referrals, or implementing customer feedback to reduce churn rate.
- By reducing churn rate, companies can increase customer lifetime value and ultimately drive growth.