In the ultra-competitive environment, every company’s businesses rely more on retaining existing customers than acquiring new potential customers. According to the latest study, almost 65% of any company’s business comes from the prevailing customers as compared to finding a potential customer from a pool of customers. Customers of today are more agile and can make their purchasing decisions within a fraction of a second with the help of technology. With customer retention becoming a top priority for organizations, they have started resorting to robust churn analysis solutions. A churn analysis solution actively predicts business churn rates and ensures better consistency in retaining customers. Through a complete churn analysis, organizations can predict overall customer satisfaction and their experience with respective services. Organizations can also identify and segment individuals and groups who are likely to discontinue the services and designate a data-driven retention strategy to retain such customers.
Churn solution analysis helps the client develop strategies to enhance and retain customers; thereby, lowering costs associated with onboarding new customers significantly. Also, effectively tracking customer’s preferences can further reduce the chances of customer attrition and enhance and bolster subscriber loyalty.
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The Business Challenge
A multinational foodservice client with a considerable number of branches globally was facing challenges retaining their existing customers. The client wanted to understand pricing and the level of competition in the foodservice landscape to devise effective ways to retain customers and enhance customer satisfaction levels. Furthermore, the client also wanted to understand the risks associated with individual customers.
With the varying behavior and preferences of the customers, the need to understand their satisfaction levels and desire to retain or cancel has increased. As a result, the client wanted to deploy a robust churn modeling to better understand customer preferences.
Churn Analysis Solution Benefits
Our extensive research from multiple sources to decrease attrition and improve customer retention helped the client segment the customers based on behavior and demographics to improve retention and keep customers engaged and loyal. Also, with the help of Quantzig’s churn analysis solutions, the client was able to tailor their promotions and offers to positively influence customer behavior. Additionally, the agile and seamless access to all relevant data helped them minimize acquisition costs and increase marketing efficiency.
Churn Analysis Solution Predictive Insights:
- Predict customers overall satisfaction as well as their experience with service quality
- Identify potential network issues, competitive threats, and at-risk customers
- Identify the negative customer experience trends and reduce attrition levels
- Built a robust predictive model and gather data
- Create new opportunities for cross-selling and upselling[spacer height=”20px”]