Fast Food Industry Overview
Looking back, there has been a drastic change in the fast food industry and the food-habits people have been following around the globe. With the dawn of the fast food revolution, pizzas and burgers have started ruling the taste buds of people around the world. However, with the rising competition among fast food companies, innovation and change have become the norm of the industry to keep the customer base in place. Thus, fast food companies have started experimenting with new techniques, which will help them to attract potential customers and simultaneously sustain the loyalty of existing ones.
Although the future of the fast food industry looks promising, fast food companies are not free from obstacles. The shift of consumers towards a healthy lifestyle is a major threat to the survival of the fast food industry. Moreover, the increasing rate of competition among fast food industry players is another reason why fast food companies should continually strive to differentiate themselves from others.
We offer strategic analytics services that enable businesses to identify factors impacting customer churn and develop effective strategies that will help increase retention. Get in touch to know more about our solutions.
Why Do Businesses Need to Leverage Churn Analytics?
It is no secret that customer retention is a top priority for many companies, since acquiring new customers is more expensive than retaining existing ones. Furthermore, gaining an understanding of the reasons customers churn and estimating the risk associated with individual customers are both powerful components of designing a data-driven retention strategy. Gaining a competitive advantage through churn analytics rests largely upon the ability to pinpoint your customers’ changing requirements, preferences, and actions. Thus, businesses rely on churn analytics solution as it helps predict the churn rates and allows them to maintain consistency in retaining customers.
About the Client
Headquartered in Canada, the client is a fast food company. The company employs nearly 8,000 employees in more than 20 countries.
Our churn analytics solutions help businesses gain a better understanding of customers’ buying habits and lifestyle preferences. Request a FREE proposal to collaborate with us.
The fast food industry client was facing challenges profiling customers who are vulnerable to churn and formulating retention strategies. By leveraging Quantzig’s churn analytics solution, the fast food industry client wanted to analyze the customer acquisition costs and undertake long-term actions to reduce churn rates. The client also wanted to ensure possible measures to increase customer loyalty and consequently increase revenues. Additionally, the fast food client wanted to seek ways to effectively predict churn and devise more targeted and personalized offers to achieve a sizeable reduction in churn.
Quantzig’s churn analytics solutions helped the fast food industry firm to quantify feedback from their customers and address their queries to boost customer interaction and loyalty. This helped the fast food industry client to effectively segment the customers based on their behaviors and redirect their marketing campaigns to reduce the probability of churn. The churn analytics solution subsequently helped the fast food industry company to define their customer relationships and make informed business decisions on sales, marketing, product, and development. Additionally, by leveraging the churn analytics solution, the fast-food industry client optimized sales and marketing campaigns and improved conversion rates. In addition, the churn analytics engagement helped the client reduce churn rates by 10% and save over US$ 25 million annually.