A Canadian Telecom Services Provider Leverages Customer Analytics to Gain In-depth Insights into Factors Affecting Churn
The client is a leading telecom services provider based out of the U.S. To sustain a competitive edge in the global market, the telecom client wanted to gain an accurate read on consumer reviews, assess their consumers’ sentiments, and base their business strategies on reliable and relevant insights. They were also looking at leveraging customer [...]READ MORE >>
The client is a leading telecom services provider based out of the U.S. To sustain a competitive edge in the global market, the telecom client wanted to gain an accurate read on consumer reviews, assess their consumers’ sentiments, and base their business strategies on reliable and relevant insights. They were also looking at leveraging customer analytics to better understand customer perceptions and improve engagement rates.
The Business Challenge
Understanding the customer base is crucial for any organization looking to succeed in the long-run and the telecom sector is no exception. Advanced customer analytics solutions play a significant role in offering a holistic view of the global customer base. Analytics can also be successfully leveraged in this space to gain insights on segmentation, churn prediction, geospatial analysis, transaction, and engagement analysis.
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The rapidly growing customer base and the huge volumes of transaction data entering the system precluded any analysis that adopted traditional methods. To alleviate the problem, the client invested a significant sum in proprietary analysis software when they realized they lacked the right strategies and tools to assess the huge troves of customer data at their disposal. However, despite the investment, they were unable to derive accurate insights that were essential for monitoring and decision making.
Subsequently, the client approached Quantzig with specific issues related to their customers, which was to be unraveled based on their customer data. The key issues included:
• What metrics need to be tracked and monitored to measure customer engagement rates?
• Which of my customers are likely to churn?
• What are the specific indicators for customer churn?
• Which customer segment should my sales team target to build a healthy customer base?
• How to provide better value to my customers to boost engagement rates?
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Solution Offered and Value Delivered
Quantzig’s customer analytics experts built a customized solution to meet the client’s requirements by adopting a comprehensive three-pronged approach.
The initial phase of this customer analytics engagement focused on building a data repository to access the raw customer data in a secure manner and analyze the same, on a periodic basis. The helped the client to draw meaningful insights from their customer datasets by leveraging customer sentiment analysis.
The second phase of this customer analytics engagement revolved around processing customer data to create multiple features that were specifically engineered for customer analysis. The new features provided a holistic view of the customer throughout the lifecycle of engagement and empowered the client to make smarter customer-centric decisions.
The third phase of this customer analytics engagement revolved around the creation of customized dashboards. These dashboards enabled the client to analyze customer data and segment customers into homogenous groups based on customer sentiments and their behaviors.
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To achieve the desired results our customer analytics experts leveraged data clustering algorithms to segment the customer base into smaller cohorts in order to gain a better understanding of the segment-wise behavior of their customers. Identifying these segments provided a clear picture of the entire customer base and the similarities between individuals. This, in turn, helped our customer to build robust strategies for improving customer engagement through personalized offers and campaigns.
In addition, our customer analytics solutions helped bring about measurable results that included:
• A 15% reduction in customer churn rate
• 35% improvement in customer engagement rate
What is Customer Analytics?
Customer analytics refers to advanced analytics methodologies and technologies that empower organizations to extract actionable insights from customer data.
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