The Client: Retail healthcare provider
Area of Engagement: Churn analytics
Very few things are potentially as disruptive as retail healthcare and retail clinics across the global healthcare sector. The global retail healthcare industry typically includes government healthcare facilities, hospitals, and pharmaceutical equipment manufacturers. Several prominent healthcare sector companies have started expanding critical care offerings while progressively partnering with national retailers and pharmacies to establish best-in-class walk-in retail healthcare outlets.
Moreover, several factors are influencing the growth of this sector across the globe, some of which include:
Value for money: Well-organized retail healthcare outlets deal with high volumes of drugs and medical services at a reasonable price; thereby, attracting customers on a large scale. This trend is expected to create an excellent opportunity for retailers to achieve more profits and allow new sub-groups to enter the market.
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Impact of technology: Today, the on-going rapid technological advancements have made it easier for establishments in the retail healthcare segment to handle large-scale businesses while efficiently catering to the needs of consumers. Furthermore, online marketing platforms are driving this sector toward a future with high growth prospects.
Many such factors are compelling retail healthcare firms to leverage the use of churn analytics solutions. Churn analytics offers real-time information to the industries in terms of the size of customer groups and their attrition prospects. These solutions help firms analyze customer behavior tendencies to determine the point at where the customer churns.
The Business Challenge
The client, a prominent retail healthcare provider with business operations spread across the globe, wanted to evaluate the customer acquisition rates and accordingly devise effective strategies to retain the most profitable customers. With the help of churn analytics, the client also wanted to develop a machine learning model to examine customer acquisition costs and undertake short-term actions to reduce churn rates.
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The Solution and the Business Impact
Strategies we recommended based on our analysis to reduce attrition levels and retain the most profitable customers
With the help of Quantzig’s churn analytics, the retail healthcare provider was able to quantify the feedback from customers and address their queries to boost customer interaction and loyalty. Churn analytics also helped the client effectively segment customers based on their behaviors and revamp their marketing campaigns to decrease the probability of churn.
Churn Analytics Solution Predictive Analytics
The churn analytics engagement offered by Quantzig helped the retail healthcare provider develop custom features for customers who are more likely to churn. The engagement also provided real-time information on ways to determine the likeliness of clients abandoning their services.