Final answer:
Customer churn refers to the number of customers who stop using a product or service. Monitoring customer churn helps businesses identify reasons behind customer dissatisfaction and improve customer retention strategies.
Step-by-step explanation:
Monitoring customer churn involves identifying which customers are leaving the company and measuring the rate at which they are leaving. Customer churn refers to the number of customers who stop using a product or service. Monitoring customer churn helps businesses identify reasons behind customer dissatisfaction and improve customer retention strategies.
Customer churn is a term used in business to describe the number of customers who stop using a product or service and switch to a competitor or simply discontinue using the product. It is important for businesses to monitor customer churn as it can indicate dissatisfaction with the product or service, and identifying the reasons behind customer churn can help improve customer retention strategies.