What aspects should we quantify to evaluate our success or failure? To know if our plan is working correctly, we need to measure its results.
And to do so, it's essential to use certain metrics. In fax lists this case, we'll analyze churn rate, customer lifetime value , and retention metrics .
Dropout Rate
The churn rate is simply the number of customers who no longer engage with the company, measured as a percentage.
Reducing customer churn by 5% can increase profitability by 25-125%. ( Pretii)
The more successful the onboarding process, the lower the churn rate , as the customer will feel welcomed into the relationship they are starting with your product.
Lifetime Value (LTV)
This is a projection that numerically estimates the benefit you can obtain from the customer through ongoing interaction. This metric will be closely tied to the consumer's active life and the length of your relationship with them.
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