If you've observed a decline in the frequency of one or two customers purchasing your products or services, it may indicate that they have churned. While most businesses face churn, it's essential to keep track of it. Research suggests that retaining existing customers is more cost-effective than acquiring new ones.

In this episode, Annette will provide you with some useful tips to prevent churn in your business

Here are a few insights you’ll hear in today’s show…

• What is ‘churn rate’ and do you compute the churn rate?
• Why is it important to monitor churn rate and why is it more effective to retain customers rather than acquiring new ones? 
• What are the causes of churn?
• How do you reduce churn, what are the strategies that you can implement in your business? 
• How to measure the success of your churn-reducing strategies.

Resources:

If you’re struggling to understand the accounting for your business, reach out to Annette at [email protected] and join our Facebook group https://www.facebook.com/groups/915326342418247. 

To know more about financial and lifestyle freedom and if you wish to receive updates on all the workshops that will help you increase your profitability and freedom from your business, just head on over to https://www.annetteandco.co.uk/want-our-emails/.

Connect with Annette Ferguson:

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Listen to the Podcast - Financial and Lifestyle Freedom for UK Business Owners -

https://podcasts.apple.com/gb/podcast/financial-and-lifestyle-freedom-for-uk-business-owners/id1473582522