We are used to monitoring quality parameters such as accuracy, false detection rate, signal-to-noise ratio, range, repair statistics, and returning customer rates. In measuring waves, currents, and oil spills these parameters have always been and still are substantial for our business. But we quickly realised that for the as-a-service business, all these numbers contribute to what turned into the most important metric at Miros – the churn rate.
The churn rate, also known as the rate of attrition or customer churn, is the rate at which customers stop doing business with an entity. It is most commonly expressed as the percentage of service subscribers who discontinue their subscriptions within a given time period.
If the churn rate is high the product didn’t give the expected value, while a low churn rate means your customers are happy with your product. It ultimately means you’ve identified a need in the market and you’re successfully filling it.
Measuring churn is easy – although there are different definitions around. How do we at Miros work to keep it low? We are convinced we have the best Customer Success Team in the business but, as churn is our most important metric, the whole organisation has a part to play by keeping customer value at the forefront of everything we do.
Read our 2022 achievement review.
Research and development roadmap
Our product development is always aligned with customers’ pain points. However, sometimes technology itself points out the path forward, as end users’ wants are often based upon yesterday’s solutions. The special link between our product managers, business segment vice presidents, and operations engineers is crucial to both fulfil today’s needs, and also develop solutions which are far ahead of the market’s expectations.
Marketing and sales
As we know that the churn rate is dependent on uninterrupted subscriptions and the growth of service every year, we must be truly confident that our service will make a real difference for the user. We engage and cooperate with our customers to gain a deeper understanding of their needs and values to always provide them with an optimal solution.
Having a customer-centric approach and establishing lasting alliances is key for us. If we are in doubt that the collaboration does not turn into sustaining customer value, let’s not waste time just getting short time revenue. The as-a-service business model is focused on long-term and good relationships with our clients and being embedded into their businesses. That is where the value lies, both for us and for our customers.
Operations and customer success
Ensuring that our customers were happy has always been important, but it was previously not that easy to monitor their satisfaction levels on a yearly basis – now we can have that information instantly available. Having the best operations and customer success teams is vital for our business model.
Read also: On-time delivery 97% of the time – Yes, we can!
Our as-a-service subscriptions are carefully monitored daily. As our devices are true IoT, we not only know whether the units are working, but we are also the first to find out if there are any issues with the data quality. On the rare occasion that any issues aren’t picked up by our professional team immediately, our support service is world-leading, with response time measurements being brilliant year after year. We foster a proactive customer relationship to ensure our clients have the right data, at the right time, to suit their needs.
Having a low churn rate is very important to our teams and we put in a fair amount of effort to make this happen. We are extremely proud to say that our churn rate for 2022 is as low as 1.7% and we are committed to working hard to push it even lower.
We are always looking for feedback, so feel free to get in touch and let us know how we perform.
Contact us to give us your feedback or simply ask us any wave measurement related questions you might have.