Below is an Autogenerated Transcript

So when we say customers churn, you know, it’s not a very respectful term to use when speaking about customers. Customers don’t churn, customers arrive, customers are engaged with, customers are onboarded, customers are served. Sometimes customers are lost. But when we use the phrase “customers churn,” we’re already speaking about them like they’re not human beings. The answer to the question why customers leave and then new customers come, which in the business you may call churn, is because something initially attracted them that they saw they could be able to get what they want, what they need, what they hope for, what they prefer, what they value. And then at some point along the way, either the company serving the customer did not provide that value or did not stay in touch with what the customer values. And so another service provider came up on the scene who made a different offer and it looked like the value I want could be over here and off we go. Now, the reason that happens is related to the fundamental definition of service, which is “Service is taking action to create value for someone else.” Think about that. That’s true in B2B. That’s true in B2C. It’s true on the front line. It’s true all the way up to the boardroom. Service is taking action to create value. So how does a customer attract a, how does a company attract the customer in the first place? You have to be seen by that prospect as someone who’s going to be able to give them what they value. How do you keep the customer? You provide that value. You continue to provide value even as the customer changes. So then are you staying in touch? Are you staying up to date with what that customer values at this particular moment? And why do customers leave? Because they either are not getting the value that they need at that moment in time, or they see an alternative offer that looks like, quote, “The grass is greener on the other side.” and therefore they will churn away and go somewhere else.