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Effective Ways to Reduce Customer Churn

Posted By ivanpw 82 days ago on Business - Every day, companies lose customers. The average business loses about 20% of its customer base each year. However, there are effective ways to reduce customer churn and retain as many valuable customers as possible. Here’s a look at the benefits of managing churn.

Increase Customer Lifetime Value (CLV)
A company’s CLV is the amount of money a business expects to earn from each customer throughout their relationship together. If you can increase your average customer lifetime, then you are increasing your chance for revenue growth.
According to Harvard Business Review, you should aim for an average customer lifetime that exceeds the industry average by at least 50%.…
The post Effective Ways to Reduce Customer Churn appeared first on SMALL BUSINESS CEO.

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