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Churn analysis

Quantzig’s Churn Analysis Engagement Helped a Financial Services Company to Improve Churn Forecast Accuracy by 2X

The client is a leading financial services company based out of Sweden who is known for serving more than 12 billion customers across the globe.

Over the last few years, the importance of churn analysis has grown significantly in the banking and finance sector. This can be attributed to the rise in the number of customers who switch over to other financial service providers.  Also, with the help of churn analysis models, the probability of winning back lost customers looks promising. Moreover, financial service providers are well aware of their existing customers, their creditworthiness, how they use their services, and their preferences. This makes it easier for them to retain existing customers rather than acquiring new ones. Consequently, leading companies are now leveraging churn analysis to understand, analyze and capitalize on customer behaviors and interests.

Talk to our experts to learn how our customer churn analytics solutions can help you gain a 360-degree view of your customers.

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Business Challenge:

The client, a leading financial services company, had made significant investments in gathering and storing customer data but they had negligible investments into using the data for practical business applications. As a result, the client faced challenges in analyzing the complexity of datasets and consequently they witnessed a rapid increase in customer churn. By leveraging churn analysis the client wanted to improve the effectiveness of their marketing campaigns and develop new programs for customer retention. This is why they approached Quantzig to leverage its expertise in offering customer churn analysis solutions to devise an extensive data-driven analytics framework and reduce churn.

Leveraging our churn analysis solutions can help you improve customer relationships and win back former customers by enhancing customer loyalty. Request a FREE proposal to gain exhaustive insights.

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Solutions Offered and Value Delivered:

The customer analytics experts at Quantzig adopted a comprehensive approach to help the client understand and tackle their core business challenges. In the first phase of churn analysis engagement, the experts focused on developing predictive customer churn models with the help of the client’s existing churn reports and customer datasets. Phase two of the churn analysis engagement revolved around improving churn metrics and accuracy of analysis to deliver valuable insights to the sales and operations team. In the third phase of churn analysis engagement, the experts focused on leveraging advanced customer analytics solutions and developed a customized dashboard to deliver in-depth insights into customer behavior. Also, they aimed at developing new programs and rolling-out initiatives to reduce churn rates and improve retention.

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The solution offered helped the client to reap maximum benefits from a well-segmented and thoroughly analyzed customer database. Also, the client was able to compare scenarios, anticipate risks, identify new opportunities for churn reduction, forecast resources, balance risks against expected returns and work to meet regulatory requirements.

Quantzig’s churn analysis solutions  also helped the client to:

  • Improve accuracy in churn forecasts by 2X
  • Increase customer retention by 12%
  • Witness an increase of $3.2 Million in quarterly income

To learn more about how our churn analytics solutions can help you gain actionable insights and make smarter decisions that future-proof their businesses.

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IR26

Churn Analytics for a Leading Fast Food Retailer – A Quantzig Case Study

What the Client Wanted

The fast food retailer wanted to accurately predict and prevent churn and build customer loyalty

The Outcome

Reduced churn rates by 10% and amplified the service offerings

Summary of the Fast Food Industry

Despite the weakening global economy and increasing awareness of health risks, the fast food industry has managed to flourish in recent years. The rise of globalization and urbanization has greatly impacted the lifestyle of the consumers as they are heavily reliant on fast food stores to grab quick and easy meal options. Request ProposalMoreover, to retain the authenticity of their product offerings and gain a stronghold in the market space, prominent businesses are also investing heavily in R&D.

Industry Challenges

The shift toward healthy options: Growing concerns about obesity are gaining traction across the world. With a goal to remain healthy, consumers are shifting their preferences toward healthier options. As a result, it is necessary for organizations in the fast food industry to re-invigorate their product offerings by including low-calorie products into their meals to keep pace with the changing preferences.

Intensifying competition: The availability of lucrative prospects in the fast food industry is attracting a considerable number of companies into the industry. Besides, the growing competition is also compelling organizations to invest heavily in research and development to differentiate themselves in the market.

About the Client

A leading fast food industry player with retail units spread across 15 countries. The fast-food retailer is based out of the United States.

Client’s Challenge

The fast-food retailer was facing challenges profiling the customers that are vulnerable to churn and formulating retention strategies. As a result, the client wanted to tap into customer behavior and gain warning signs of churn. Additionally, with the help of Quantzig’s churn analytics solution, the fast food retail client wanted to seek ways to effectively predict churn and devise more targeted and personalized offers to achieve a sizeable reduction in churn.

Benefits of our churn analytics solution

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Business Impact

With the help of Quantzig’s churn analytics solution, the fast food retailer anticipated and managed risks associated with customer churn and identified the key areas to increase the business value. Additionally, the client optimized sales and marketing campaigns and improved conversion rates. This helped them reduce churn rates by 10%.

Churn Analytics Solution Insights

Quantzig’s churn analytics helps firms in the food industry anticipate their client’s service consumption that may trigger cross-sell and up-sell opportunities. Additionally, firms can gain a holistic 360-degree view of the customers’ interactions across multiple channels with the help of Quantzig’s churn analytics. Firms can also comprehend the customers’ needs, preferences, and offer personalized services across their business units.

To know more about how our churn analytics solution helped the fast food retailer gain insights into the latest food industry trends

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Wireless Communication Provider Leverages Quantzig’s Churn Analytics to Tap into the Behavior of the Customers

What the Client Wanted

Profile customers that are vulnerable to churn and devise effective retention strategies.

The Outcome

Reduced churn rates by 10% and amplified service offerings

Summary of the Wireless Communication Industry

The global wireless communication industry comprises of firms offering mobile phones and other wireless telecommunications devices such as wireless internet access and video. Over the past few years, wireless communication has proven to be effective for the sustenance of businesses as it facilitates effective communication with end-users across the globe. Due to the growing innovations in the telecom industry, businesses have started opting for the Internet of Things in their applications to streamline their operations and deliver effective services. Besides, the rapid growth Request Proposalof the wireless telecommunication market can be accredited to the growing internet penetration, ease of access to smart mobile devices, and advances in wireless technology.

Industry Challenges

Security issues: Currently, individuals have better access to a wide array of data services with the trend of digitization reaching its peak. However, unlimited access to data can make them vulnerable to potential threats. As a result, establishments in the wireless telecommunication space should look to ensure better security in terms of maintaining and handling data. 

Equipment costs: Wireless telecommunication services are considered expensive when compared to conventional counterparts. Moreover, the extra costs involved in subscribing data services are forcing organizations to offer solutions at affordable costs while meeting the value requirements. 

About the Client

A world-famous wireless communication provider based out of the US.

Client’s Challenge

The client was facing challenges identifying customers that are susceptible to churn. As a result, the client wanted to seek ways to effectively predict churn and formulate a more targeted and personalized offer to see a sizable reduction in churn. With the help of a churn analytics solution, the client wanted to understand the customer’s behavior and establish processes to identify early signs of churn.

Summary of our engagement
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Business Impact

With the help of Quantzig’s churn analytics solution, the wireless communication provider managed risks related to customer churn and identified the key areas to enhance the business value. Additionally, the client optimized sales and marketing campaigns and improved conversion rates. This further helped them to scale up the cross-sell and up-sell opportunities.

Churn Analytics Solution Insights

Quantzig’s churn analytics solutions help firm in the telecom industry space to gain a holistic 360-degree view of the customers’ interactions across multiple channels. Furthermore, firms can understand customer needs and preferences and consequently offer tailored services to boost their retention capabilities.

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3 Interesting Ways Banks Can Curtail Customer Churn Rate | Quantzig

Acquiring new customers is a more expensive process when compared to the retention of old ones. This is one of the main reasons why leading companies have put reducing the customer churn and improving their customer retention capabilities on their priority list. The banking sector is among the industries recording the largest rate of customer churn every year.

The rising competition in the market, which gives customers the liberty of choice and better offers, is one of the primary contributors to customer attrition for retail banking companies. To state the obvious, providing effective, meaningful service is key to reducing customer churn. But how can companies in the banking sector get there and bring down customers leaving them for competitor brands?  To identify early signs of potential customer churn, banks first need to start getting a holistic 360-degree view of the customer base and their interactions across multiple channels such as bank visits, calls to customer service departments, web-based transactions, mobile banking, and social media interactions. This would allow them to detect early warning signs of customer churn such as reduced transactions or stoppage of auto-pay or negative experiences, and you can take specific actions to prevent churn. 

At Quantzig, we understand the impact that customer churn rate can have on your business. And to help banking and financial services companies provide the best customer service and reduce customer churn rate, our team of experts have highlighted three strategies that they must consider:

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How to Curtail Customer Churn Rate?

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Churn Analytics Solution helped a Retail Healthcare Client to Efficiently Forecast Attrition Levels of the Customers

Retail healthcare

LONDON: Quantzig, a global analytics services provider, has recently completed their latest churn analytics solution for a retail healthcare client. The global retail healthcare industry includes hospitals, government healthcare facilities, and pharmaceutical equipment manufacturers. Several players in the healthcare sector have started expanding critical care offerings by partnering with national retailers and pharmacies to establish best-in-class walk-in retail healthcare outlets.

“Churn analytics offers real-time information to the industries in terms of the size of customer groups and their attrition prospects. Furthermore, with the help of churn analytics, retail healthcare companies can analyze customer behavior to determine the point at which the customer churns. ” says an industry expert from Quantzig.

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The churn analytics solution helped the client to develop custom features for customers who are more likely to churn. Additionally, the solution also helped the client to quantify the feedback from customers and address their queries to boost customer interaction and loyalty.

Additional Benefits of Churn Analytics Solution

  • Revamp their marketing campaigns to decrease the probability of churn.
  • Gain real-time information on ways to determine the likeliness of clients abandoning their services.
  • To know more, request a free proposal

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IR35

Retail Healthcare Sector Churn Analytics Study: How Quantzig Helped a Renowned Client Efficiently Forecast Attrition Levels of The Customers

The Client: Retail healthcare provider

Area of Engagement: Churn analytics

A 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.
  • 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, the 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. QZ- Request free proposalChurn 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 the 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. The 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.

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IR36

Telecom Sector Churn Analytics Study: How Quantzig Helped a Renowned Client Efficiently Forecast the Attrition Levels of the Customers

The client: Telecom services provider

Area of engagement: Churn analytics

Despite the growing competition, service providers in the telecom industry are focusing on reinvesting in their network upgrades and digital advances to deliver a wide array of services to the customers. The telecom sector is primarily engaged in operating and providing access to facilities in terms of voice, data, text, and video. Moreover, businesses in the telecom sector are focusing on redefining their current business models to gain a competitive edge over their competitors. To deal with the issue of minimal revenue growth and tightening profit margins, telecom companies are revitalizing their operations and reducing complexity to encourage commercial offerings and improve the quality of the services rendered. Additional factors such as affordability of services and the rising demand for high-speed internet facilities will further contribute to the growth of the telecom sector.

Although the telecom sector is witnessing promising growth, owing to the presence of a considerable number of over-the-top players, some factors may influence the growth of the telecom sector over the next few years.

Rising competition from OTT services: Over-the-top players offer applications and streaming content directly to the customers with the help of the internet services. In the recent years, the players have shown their dominance even in the communication services such as messaging and voice. A recent survey also states that the OTT services contribute to more than 80% of all messaging traffic. With the presence of a considerable number of players, the traditional network services providers are finding it difficult to stay relevant in the marketplace.

A radical decline in the voice revenue: The recent years have witnessed a gradual decline in the way of communication from the traditional voice and text to internet messaging. With the presence of WiFi, the use of internet messaging applications has increased; thereby, showcasing a radical decline in the voice revenue.

The presence of 5G network: In this competitive environment, the telecom sector is witnessing the entry of 5G service providers. The consumers are becoming more informed and are expecting agility in their network services. With 5G services offering ultimate browsing experience as compared to the current settings, prominent leaders are planning to offer 5G network solutions to meet the target requirements. This may turn out to be a challenge for the traditional service providers who specialize in offering 4G services.

To address such challenges and offer reliable solutions to the customers, organizations are utilizing churn analytics solutions. Churn analytics offers real-time information to the businesses in terms of the number of customers and their probability of attrition. It is mainly concerned about analyzing the customer behavior tendencies to determine the specific point when the customer no longer uses the services.QZ- Request free proposal

The Business Challenge

The client, a renowned service provider in the telecom industry, wanted to analyze the customer acquisition rates and devise effective strategies to retain the most profitable customers. The client also wanted to ensure possible measures to increase customer loyalty, and consequently increase customer revenue. With the help of a churn analytics solution, the telecom sector client wanted to develop a machine learning model to analyze the customer acquisition costs and undertake short-term actions to reduce churn rates. The primary concern of the client was to understand the root cause of the attrition and redirect their marketing actions to encourage customer relationships.

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The Solution and the Business Impact

Strategies we recommended based on our analysis to retain the most profitable customers and reduce attrition levels

The churn analytics solution offered by Quantzig assisted the telecom sector client to make short-term plans by promising special offers to retain the ideal customers. The client was further able to measure the feedback from the customers and address these queries to promote customer interaction and loyalty. Moreover, the churn analytics solution also helped the client effectively segment the customer based on their behaviors and redirect their marketing campaigns to reduce the probability of churn. The solution also sought ways for the client to determine the profitable customers and differentiate the churners from the non-churners segment.

Churn Analytics Solution Predictive Analytics:

The engagement offered by Quantzig helped the telecom sector client gain insightful knowledge on the behavior-based actions and social information of the customers. The solution also offered custom features to the customers who are more likely to churn. The solution also offered real-time information on how to determine the likeliness of clients abandoning the services.

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IR25

Retail Sector Churn Analytics Study: How A Client Leveraged Quantzig’s Analytical Services to Achieve 10% Reduction in Churn Rates

In the retail sector, firms are facing the need to improve sales and enhance customer satisfaction levels to stay on par with the peers in this competitive market scenario. As a result of these challenges, firms operating in the retail sector space have started leveraging the use of robust analytical services to understand customers’ altering needs and preferences. Churn analytics helps firms operating in the retail sector space to predict potential churners and accordingly determine marketing efforts to lower exit costs.QZ- request a demo

Leading firms operating in the retail sector have started approaching Quantzig to deal with such challenges. With years of expertise in offering a plethora of services, Quantzig’s churn analytics helps firms to accurately predict and prevent the rate of churn and build customer loyalty. Additionally, these analytical services aids firms operating in the retail sector space to evaluate their most valuable customers and categorize the potential customers that are vulnerable to churn. Also, firms can enhance customer loyalty by administering cross-sell and up-sell prospects.

The Business Challenge

A renowned retail sector client with a considerable number of outlets spread across the globe was facing predicaments in assessing the customer behavior and gain early warning signs of churn. Additionally, the client was facing challenges in efficiently profiling the customers that are vulnerable to churn and devising robust retention strategies. Furthermore, with the help of Quantzig’s churn analytics studies, the client wanted recommendations on effectively predicting the rate of churn and implementing tailored and targeted strategies to lower the churn rates across business units.

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Benefits of Analytical Services

The churn analytics studies offered by Quantzig helped the retail sector client optimize sales and marketing campaigns and improve conversion rates. Additionally, the client was able to anticipate and mitigate risks associated with customer churn and identify the key areas to increase the business value. Furthermore, the client was able to convert unstructured data into meaningful insights and devise effective customer retention programs.

Analytical Services Predictive Insights:

  • Gained a 360-degree view of the customer churn behavior across multiple channels
  • Understood the customer needs, preferences, and offered tailored products and services
  • Proficiently detected early warning signs and devised a robust churn prevention model
  • Determined the level of marketing efforts at each customer level
  • Reduced churn rates by 10%

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