MBA2546 Q&A Wednesday: How do I stop losing customers? My churn is too high!

The $100 MBA Show

Omar Zenhom

Entrepreneurship, Business, Careers, Marketing

4.8 • 2.2K Ratings

🗓️ 13 November 2024

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

Struggling with high customer churn and not sure how to fix it? Ever wondered how to keep your customers engaged and coming back month after month? If these questions resonate with you, then today’s episode is just what you need. In this lesson, Omar addresses a crucial challenge many businesses face: customer retention. He dives […]

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Transcript

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0:00.0	Hey everyone, welcome back to the $100 MBA show.
0:08.8	I'm your host, Omar, is in home.
0:10.6	And today's episode is a Q&A Wednesday episode where I answer a question from one of you,
0:14.6	one of our listeners, one of our viewers, subscribers.
0:17.4	If you have a question you want to ask, just go to 100mba.net slash Q.
0:22.1	Submitted there and we'll answer right here on Q&A Wednesday.
0:24.9	Today's question is from Fabian and Fabian asks,
0:27.7	How do I stop losing customers?
0:30.0	My churn is too high.
0:32.2	It's out of control.
0:33.8	This is a fantastic question and I'll tell you why.
0:35.9	If you don't get your churn in check, you will go out of business.
0:41.2	This is just a reality.
0:43.1	There is something called the churn line where basically you just can't outgrow churn.
0:47.9	You're going to hit a ceiling.
0:49.1	And basically you have a leaky bucket where every time we bring in new customers, they leak
0:54.0	out the bottom through
0:55.1	churn. Churn basically means losing customers every month, every year, whatever it might be.
1:00.4	So we're going to solve this. We're going to make sure we don't lose any more customers than we
1:04.2	need. There's always going to be some level of churn, but we want to make sure it's the low as
1:08.1	possible. So we're going to talk about how to go about this,
1:11.3	how to make sure that we are being deliberate about keeping our customers happy,
	...

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