8/6/2023 0 Comments Campaign turnover definition![]() Turnover rate is a key performance indicator (KPI) because it tells a business exactly what percentage of its customers find the product valuable enough to continue paying. To determine if it resonates with users, a business needs to know how many customers are sticking with the product over the long-term. If a product team examined only its products’ annual revenue and the total number of new customers in a given year, the team would have only part of the story. It signals whether or not your products are earning a loyal user-base. Here are a few specific reasons turnover is a metric worth tracking and analyzing. Why Is Turnover Rate an Important Metric?Ĭustomer turnover can tell a business a great deal about how well its products perform in the market. ![]() Note: You can also think of the turnover rate as the opposite of your company’s customer retention rate. Many businesses refer to the customer turnover rate as churn. For a SaaS company, the turnover rate will include both customers who actively cancel their subscriptions and simply don’t renew them. At the end of the day, perks are a nice way to liven up the office, but professional development is forever.For a product or marketing team, turnover rate refers to the percentage of customers lost over a period of time. Not only will it go a long way in giving our team the opportunity to become stronger, more valuable marketing professionals, but the skills they adopt during these programs will stick with them throughout their careers. It doesn’t seem unreasonable for a company to dedicate one hour a week to the professional growth of their workforce. In a 40-hour work week, this means that just 2.5% of the time they spend at the office will be tailored to their personalized professional growth. Our program of 50 hours of professional development courses boils down to giving employees one hour a week that’s just for them. And by the time an opportunity arises to learn new skills or secure a promotion with added responsibilities, they might already have one foot out the door. But employees will only learn based on the opportunities presented within their client work. A common assumption held by many agencies is that employees will learn and grow naturally as they do their jobs. It’s really incredible how little time agencies provide their employees to focus on their professional growth. Along the way, we hope to build a team of hyper-versatile, hyper-talented marketers capable of taking our clients to the next level. As such, we’ve developed courses and workshops that are given to team members every week. As an example, every one of our entry- and mid-level employees will receive at least 50 hours of professional development sessions in 2018. Instead of developing a culture that solely relies on perks, agencies should be focused on delivering personalized professional development to every team member. The last thing any employer wants is to create an environment where people feel like leaving is the only way they can take the next step in their career. The growth promises your team that every workday will bring fresh challenges and an opportunities to learn something new. Indeed, it’s hard to keep a talented employee for very long if they don’t feel like they are making tangible progress in their career. By relying solely on the work and the fun to build culture and morale, companies are perhaps forgetting the most important element of all for talent retention: the growth. There has to be a substantive backbone upon which all of these nice-to-haves are built upon. ![]() While these fun perks certainly complement an organization’s culture, they can’t be the only thing that defines it. All too often, companies lure talent through the promise of free lunches, unlimited vacation policies, puppies in the office - you name it. This is where many agencies fall into a trap. ![]() Office perks, like catered meals and ping-pong tables, can help create a fun work environment, as can out-of-office happy hours and field trips that build camaraderie among your team members. ![]() The fun is what makes people enjoy the work as they’re doing it. ![]()
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