7 Customer Metrics to Help You Grow your Business

Data is the biggest asset for any organization. It can be a game changer if analyzed and utilized properly. With data growing at an enormous rate with every digital device producing loads of data and almost all industries switching to data-driven solutions, engineers often feel overwhelmed with choosing the right data and metrics. Here are my best picks that could help your organization to make strategic decisions.

1. Churn rate:

The churn rate refers to the rate at which the customers stop transacting with your business. In simple words, it is the customers who stopped coming to the store or canceled their membership. The higher the churn rate, the more it impacts the business as it means more customers are leaving your business. The formula to calculate the churn rate is given below:

The churn rate is an important metric as it allows businesses to find lost customers and prevent them from hampering business beforehand.

2. Customer Retention:

Another important metric similar to churn rate is customer retention. Customer retention in simple terms refers to the ability…