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Marketers love to come up with names to describe their approach. More often than not, it's nothing new though. You are probably using funnels in your sales and marketing strategy, but are sales and marketers the only ones who use funnels? Absolutely not. Discover famous examples from other professions who couldn't work at all if they didn't funnels
Not only is retaining customers way cheaper than acquiring them (between five and 25 times depending who you ask), increased brand loyalty leads to better profitability and a bunch of free publicity courtesy of good ol’ fashioned word of mouth. But how do you hold on to your customers past the initial purchase? Beg? Threaten? Pray? Offer them chocolate and lollies and cross your fingers? While handing out lollies probably is a decent way to get customers to become loyal customers, there are better retention strategies. In this blog we'll outline them so you can build brand loyalty and start reaping the rewards. Read on 🔍
<p>Churn refers to the loss of customers who are subscribed to or use a service. Churn rate is an important component of growth because it is tied to the retention of users of a service. When more users churn, retention rates are lower. When churn rate is high, it is harder to grow a product or service because more new users are required to offset the users who churned from the service. Churn is particularly important in SaaS businesses and other businesses where users pay a recurring subscription fee. These businesses creaet profit from long customer retention spans and a high customer lifetime value. When churn is high, businesses can't capture the full expected lifetime value. These are the best articles on how to reduce churn and improve customer lifetime value. From how to reduce churn, how to generate negative churn, how to use customer success to lower churn rates and hacks to reduce churn, you'll find tactics to improve retention and growth for your business.</p>