Churn analysis is the calculation of the rate of attrition in the customer base of any company. It not only involves identifying those consumers who are most likely to discontinue using your service or product, but also exploring the factors affecting the churn rate. This an be your social factors or changes in pricing policy
Churn analysis is extremely helpful in developing a sustainable and robust strategy for customer retention in your company.
When you are aware of the percentage of customers who end their relationship with your company in a given time period you can easily come up with a detailed analysis of the causes for the churn rate. This helps in developing effective customer retention programs for your company.
Churn rate typically applies to many industries chiefly among them are subscription services, such as long-distance phone service or magazines. Churn analysis helps in understanding the behavior of customers that unsubscribe and move their business to a competitor and predicting the likelihood of this event to occur. Other uses vary from calculating employee attrition in any given company.
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