Applying science to the art of customer retention
Today, most brands will regard their loyal customers as precious investments; investments that have taken great expense and effort to acquire, grow, and maintain. It is little wonder that the preservation of these investments and the avoidance of churn still ranks as a primary strategic focus for many brands.
In most cases churn ‘saves’ are handled on a reactive basis, with desperate efforts to retain customers being made at the point where a customer calls to terminate a contract. While some of these ‘saves’ will be effective, all too often the churn driving damage has been done and the likelihood is the customer will leave, often never to return.
CHURN PREDICTION AND MANAGEMENT
The Praxidia Churn Prediction Service tackles the problem ‘upstream’ of the save scenario, identifying and targeting potential churn candidates ahead of the final ‘trigger’ that may result in their departure.
Potential churn casualties have a recognisable ‘signature’, the evidence of which can be found through applying data-science to the analysis of their individual profile combined with their interaction history.
For every organization this ‘signature’ will be unique, as different demographics, markets and service offerings reshape the nature of every brand offering.
Praxidia’s Churn Prediction Service enables the processing of hundreds of data points to identify and isolate the key variables (predictors) that may be causing your customers to churn.
Upon completion of the bespoke prediction ‘algorithm’ the customer base can be profiled to identify each individual customer’s propensity to churn, and the underlying drivers behind the behaviour.
However, prediction only provides one piece of the puzzle; the success of the subsequent ‘save’ will require a careful understanding of how to approach the customer, with what message / offer and through which mechanism.
Praxidia’s Churn Prediction Service provides this additional level of prescribed detail, segmenting customers based upon their primary churn driver and identifying the most appropriate action based upon their segment / scenario.
A Predictive Analytics Service from Praxidia that enables you to identify customers who are likely to churn before it is too late.
Individual customers are identified by their risk level, with actionable recommendations prescribing appropriate pro-active steps to support their retention.
- REDUCE CHURN
- IDENTIFY POTENTIAL CHURN CANDIDATES.
- TACKLE CHURN WITH PRO-ACTIVE VALUE-ADDED INTERACTIONS.
- UNDERSTAND THE DRIVERS BEHIND CHURN
- DRIVE BUSINESS IMPROVEMENT.