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With the multitude of products and services available and growing, it has become imperative for businesses to have a strong customer retention program and establish a platform to predict and prevent churn.

 

The benefits of retaining customers have been proven. Customer acquisition costs five times more than customer retention. Increasing customer retention rates by 5%, can boost profit by 25% to 90% as the probability of selling to loyal customers is 70% and only 5%-20% to new ones.

 

Through Artificial Intelligence, machine learning, and customer interaction analytics develop an accurate perspective on customer behavior and churn tendencies.

Goals

Proactively identify and reduce churn

Analyse why and how churn occurs​

Develop a strategy to combat churn​

Example Data Requirements

Key Strategies and Technology

Train Artificial Intelligence to identify at-risk customers.

Utilise Analytics to identify underlying causes of customer churn.

Use Artificial Intelligence to identify customer pain points for effective intervention.

Employ Machine Learning and Predictive Analytics to develop strategies to prevent churn and increase customer retention.

Results

Churn risk identification and prevention.

Change from a reactive retention strategy to a proactive strategy, providing a significant competitive edge.

Retain more customers with improved service and product. 

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