Imagine this: You're running a successful business, sales are booming, and life is good. Suddenly, your customers start dropping off like flies, and you can't figure out why. This nightmare scenario can be avoided by tracking your churn rates. Let's dive into why it's crucial for your business's survival.In this episode of the Bella in Your Business: Pet Industry Business Podcast , I discuss the importance of tracking churn rates to gain insight into the health of a business. While emphasizing the need for businesses to be proactive in addressing underlying issues. Do you know retaining existing customers is not only cheaper than acquiring new ones, but it also increases your revenue? So, if you want to make more money and keep your business thriving, buckle up, and let's talk about churn rates.

Topics Discussed and Key Points:

Churn rate and what it means

The importance of knowing your churn rate

Optimization of your business processes using the Mastermind  churn rate template  

Importance of customer and employee experience

the importance of tracking churn rate and how it impacts the business's profitability and growth.

Business scurrying and why it is not good

Predictability typically comes from numbers

Building customer relationships 

Churn rate strategies 

Why you don’t need loans in  a pet sitting and dog walking business

Timestamps:

[00:34] Introduction to the concept of churn rate

[03:25] What is the churn rate?

[04:27] Churn rate template

[05:52] What is in the Mastermind this month?

[06:10] The importance of addressing touch points in business and employee satisfaction

[07:25] Why knowing the churn rate is critical for your business

[09:15] Implementing churn rate strategies

[11:08] Importance of financial and time freedom

[12:16] Next episode: Asking for feedback

Notable Quotes:

[00:03:31] “It's important to know your churn rate because it can give you insight into the health of your business. If you have a high churn rate, it may mean that there are underlying issues that need to be addressed.” [00:03:44]

[00:04:40] “The template allowed them to set meaningful goals and targets for their business, helping them stay focused and on track towards achieving sustainable growth by keeping a close eye on their churn rate and setting proactive measures to improve retention.” [00:04:54]

[00:07:26] “Knowing the churn rate is critical to the success of your business, otherwise, you're just scurrying and you have no idea what's going on. You have no idea when you need to implement anything.” [00:07:37]

[00:08:38] “We continue to build a relationship and let customers know that we're here to support them and to enhance their life, not to give them more problems.” [00:08:49]

[00:09:24] “It is going to be so much easier for you to flex this muscle and to start doing these kinds of business push-ups. We'll call them workouts. Now, when your data is small, it grows larger and larger.” [00:09:38]

[00:10:51] “If we see problems in our business and we try to throw money at it as I'll just pay more and I'll get people I need. Then what happens is you're running a nonprofit or you're running at like a 4% profit margin, which is not okay in a pet sitting in a dog walking business.” [00:11:08]

[00:11:41] “Churn rate is just one of those little tweaks, those buttons that we can adjust in turn to really understand when and where our clients and our employees are dropping off.” [00:11:52]

Links:

Resources

Podcast: Bella in Your Business: Pet Industry Business Podcast

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Email Bella: [email protected]

Book:  Joey Coleman: Never Lose a Customer Again

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