Tracking churn risk has long been one of the toughest—and most critical—challenges for CX and Operations leaders. Numerous statistics highlight the importance of reducing customer churn. One in particular never ceases to amaze me as a former contact center manager: A study by Bain & Company shows that increasing customer retention rates by just 5% can increase profits by 25% to 95%. This highlights how reducing churn—even slightly—can have a significant impact on profitability since l...
