Churn Statistics You Need to See
Preventing and reducing churn is essential to nearly every business model. Without repeat customers, it’s essentially impossible to grow your business.
Each lost customer is a missed opportunity. Lose a bunch of customers, and it can take quite a toll on your business.
Want proof? Check out these churn statistics:
It costs 5 times more to acquire new customers than it does to keep current ones.
Reducing churn by 5% can increase profits 25-125%.
80% of your company’s future revenue will come from just 20% of your existing customers.
The probability of selling to an existing customer is 60-70%. The probability of selling to a new prospect is 5-20%.
91% of unhappy customer will not willingly do business with your organization again.
Almost 70% of the identifiable reasons why customers left typical companies had nothing to do with the product. The prevailing reason for switching was poor quality of service.
Want to see more churn statistics? Download the free guide today.