Final answer:
Customer attrition is when customers take their business elsewhere due to dissatisfaction with the service. It is a critical business metric that companies strive to minimize through customer retention strategies like enhanced service and loyalty programs.
Step-by-step explanation:
The term for when a customer takes their business somewhere else because they are not satisfied with the service they received is Customer attrition. Customer attrition, also known as customer churn, occurs when a customer stops purchasing products or services from a business. High rates of customer attrition can be a significant concern for companies as it often leads to decreased revenue and may suggest issues with the product or service quality, customer service, or overall customer satisfaction. It is generally a key metric that businesses monitor and try to minimize through various customer retention strategies such as improving customer service, offering loyalty programs, or soliciting and acting on customer feedback.