Today Dave and Craig are talking about the one thing that will surely kill your business: Churn.
Churn, however you measure it, is the effect of people leaving your app. It can be broken down into User Churn or Revenue Churn.
When we look at churn there are 3 phases of churn that you can look at in your business:
Early Churn – <30 days post signup. Churn in this area is usually a disconnect between the message you have in your marketing and what your tool actually delivers on
Middle Churn – between 1-3 months post signup. Churn here usually occurs because the customers are not getting sufficient value from the features and value of your product. They’ve had the time to get into the tool and see what it can do, but haven’t had the lightbulb moment yet.
Late Churn – >3 months. This is where not offering your customers the opportunity to grow with your tool through higher featured plans or the ability to do more through your app.
Resources
Stunning.co – Dunning services for Stripe by Richard Felix
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