RR
Renewal Rate
Renewal is a small part of retention. The renewal process is the actions you take to get customers to sign up for another term once their contract is up. [1]
Typically, good services businesses have renewal rates of more than 80%, while more sticky software renewal rates hit 90% or more. [2]
NOTE - Retention vs. Renewal:
Retention–customers dont actively cancel when given the chance at any point in the subscription period.
Renewal–Customers actively choose to continue their subscription at the end of each subscription period
[1] Retrieved May 21, 2021, from https://www.profitwell.com/recur/all/renewal-rate
[2] Retrieved May 21, 2021, from http://www.virgocapital.com/whats-in-a-renewal-rate/
[3] Retrieved May 21, 2021, from https://www.forentrepreneurs.com/saas-metrics-2-definitions-2/