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Customer churn analysis is an integral part of any SaaS company. This write-up discusses its importance and the way to do it correctly.
Your customers are truly the most important stakeholders in your company. While it’s important to know what works for them, it’s equally—probably even more important—to know what doesn’t work for them and causes them to churn. That’s where SaaS customer churn analysis comes in. Keeping track of churn will help you understand areas of improvement, how to reduce it, and how to generate better ROI. So, in this guide, we’ll cover what a customer churn analysis is and how to conduct one.
Customer churn analysis means evaluating the rate of customers that churn from your company. For example, a company loses 5% of its customers yearly. This is the churn percentage of customers for the company. The customer attrition rate is when customers opt out of the company’s services or products.
It tells you what percentage of customers will not return to or continue using your product by analyzing trends, data, and other metrics.
Churn isn’t just money loss from the customer that left, but it can cause a negative sentiment in the market, resulting in more potential customers turning away from your company before they ever use it. Here are some reasons for customer churn:
Here are reasons why analyzing customer churn is important:
Analyzing customer churn is important—that’s clear. So, below, we’ll cover a few ways you can.
You can’t find out what’s causing your customers to churn if you don’t have the data. You need to track certain customer success metrics to analyze customer churn such as customer usage and engagement. One of the biggest KPIs is customer engagement. If customers are not engaging with the product, there is a high chance they will churn. If customer usage rate declines, they are more likely to churn.
Another way to track customer churn is by tracking the inflow of customer tickets. If the number of support tickets is above average, it means customers are having problems understanding or using the product. This lack of understanding can mean they need more support in using the product and service.
As a CSM, you can’t control the price points of your products but having this data will give you a more well-rounded understanding of why customers are churning. Plus, when you share the report with your execs, they’ll have a better understanding of the role pricing plays in customer churn.
The best way to find out why your customers are cancelling their subscription is to ask them. A couple of ways you can do this is by sending an email and asking them or giving them a call and holding a quick discussion with a few of them.
Yes. There is negative churn. In negative churn, your expansion revenue is more than the loss of revenue from customer churn. Negative churn means when high yields will overpower decreasing revenues from the churning. 14
But now that you know why your customers are churning, you can start actively strategizing how you can lower churn rates that are within your power to control.
Published 4 Jul 2022, Updated 27 Jul 2022
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