Why does my churn look stable even though customers keep leaving and returning?

Retention and reactivation metrics are stable or improving across recent cohorts, with churn rates holding steady and more users returning over time. The dashboard shows consistent or positive movement across key lifecycle metrics, indicating overall customer performance is trending in the right direction.

The distortion lives in the denominator.

The signal to watch: cohort survival curves by user type.

This is a lifecycle architecture problem, not a campaign performance problem.