How to Reduce Churn Using Customer Journey Analytics

"There is only one boss. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else." -Sam Walton Companies typically spend most of their effort and resources on customer acquisition, even though the cost of retaining an existing customer is 5 times lower than acquiring a new one. Customer retention is a measure of how many of your customers continue to buy from you over time and are therefore loyal to your brand. Churn, sometimes known as customer attrition, is at the opposite end of the spectrum, i.e. how many customers stop buying from your company. Industries that use a subscription-based business model have traditionally focused more on churn than others. Banks, telecom companies, insurance firms, energy services companies, are among the many types of businesses that often use customer attrition analysis and customer churn rates as one of their key business metrics.