In Episode #69 Eric and Neil talk about churn—what it is and how entrepreneurs can reduce it. Listen as walk through the process of measuring churn, the importance of knowing what your customers love about your product or service, and what tactics you can implement to kill churn in your business.
Time Stamped Show Notes:
- 00:28 – Today’s topic: What is churn and how to reduce it?
- 00:35 – Churn is a metric number
- 00:42 – Churn = customers you are losing per month divided by all your customers
- 00:55 – Neil’s experience with churn
- 01:29 – If it sucks you’ll get high churn; if it’s great you’ll get low churn
- 02:14 – Churn of 2% or under is acceptable
- 02:38 – It’s difficult to scale a business with 5% churn
- 03:10 – Conduct a survey to your audience to know what’s wrong
- 03:35 – Neil’s tactics to reduce churn
- 07:14 – One Key Metric
- 07:31 – Dunning
- 07:41 – Churn Buster
- 07:58 – Use Visa and Master Card updater
- 08:39 – Pausing or stopping a subscription and restarting again
- 09:18 – That’s it for today’s episode!
3 Key Points:
- Remember to ask your customers for their feedback.
- Know what people love about your product or service.
- Know what metrics are important for your business.
- Qualaroo and Google Analytics – Tools you can use to identify your metrics
- One Key Metric – Josh Elman’s post
- Churn Buster – Tool you can use to limit dunning
Leave some feedback:
- What should we talk about next? Please let us know in the comments below.
- Did you enjoy this episode? If so, please leave a short review.
Connect with us:
Discover Latest Episodes
In episode #2189, Neil and Eric discuss some of the best-kept YouTube success secrets! We share what has worked for us, as well as the mistakes we have made and how you can avoid them. You’ll also l...
In episode #2188, we talk about our boneheaded YouTube mistake with Marketing School. Tuning in, you’ll find out how Libsyn helped us automate and grow our views, the mistake we made when we stopped...
In episode #2187, we discuss how Eric is using product-led growth for his NFT project. Tuning in, you’ll learn the definition of product-led growth and find out how you can implement it in the world...