Customer churn is a figure calculated that shows how many customers don’t return to a business over time. Strong customer loyalty is an invaluable asset to businesses across industries. The team at Qualtrics helps us understand customer churn across its many facets, using a chart that displays 30 key statistics.
One of the most noticeable aspects of the graphic is a section highlighting different churn rates across industries. These figures can help us better understand the nature of customer churn.
For example, retail businesses have a high churn rate at 37%, and restaurants and hospitality-related industries have the highest of all at 45%. Compare this to big-box electronics at 11% and media services at 16% and a picture emerges. The statistics here certainly leave us with something to think about.
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Co-founder and Vice President of SearchRank, responsible for many of the day to day operations of the company. She is also founder of The Arizona Builders' Zone, a construction / home improvement portal.
