What is Customer exit?

Customer exit, also known as customer churn or attrition, refers to the phenomenon of customers ceasing their relationship with a business. It is a critical metric for companies as acquiring new customers is often more expensive than retaining existing ones. Analyzing customer exit patterns helps businesses understand why customers leave, identify potential issues in their products or services, and implement strategies to improve customer retention. Common methods for tracking customer exit include calculating churn rate, analyzing feedback from exiting customers, and identifying patterns in customer behavior prior to departure.