3 Interesting Tips to Increase Your Customer Lifetime Value

Companies across industries invest a lot of time and resources in tracking the journey of their customer, improving customer service, and providing the best customer experience. However, most companies tend to struggle when it comes to customer journey tracking and measuring business performance in real-time. This is where the focus must be shifted to gauging customer lifetime value as this can help organizations to evaluate the future value, they can generate from their marketing initiatives. Also, it can help in designing an efficient marketing strategy with more concise budget planning. Measuring customer lifetime value is important for businesses to retain customers and gain long-term profits. In this article, we have listed a few important tips that can help companies to increase their customer lifetime value and understand how well are they resonating with their audience. Additionally, these tips can aid companies to reverse-engineer the experience of existing customers and reduce customer churn.

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Tips to Increase Customer Lifetime Value

Improve the onboarding process

To ensure sustainable business growth and increase customer lifetime value, companies should focus more on the onboarding processes as poor onboarding can be one of the major causes of churn. Onboarding is the point where any customer engages with a brand and where a brand can make the greatest positive impact. The process of onboarding can vary from industry to industry. However, there are a few interesting tips that can help businesses to engage their audience better. Businesses must make onboarding, an easy and fast process which can be done by simplifying the process with walkthrough guides, interactive how-to videos, wrapped tutorials and other content that might help customers in fulfilling their goals. Also, organizations should focus on communicating the value of their offering right from the start ensuring that communication is straightforward and is contributing to increase in customer lifetime value.

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Offer top notch customer service

Today customers are digitally empowered, and they expect better customer service at each of the touchpoints. Quality customer service is the key for businesses to grow and increase customer retention. Research reveals that customers are likely to switch brands after a single instance of poor customer service. Therefore, getting your customer service right should be your top priority in order to stay ahead of the curve and drivr profitable growth in the long run. Better customer service results in customer experience and this, in turn, can turn them into loyal clients.

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Foster better customer relationships

In the competitive business landscape, companies should focus on fostering good customer relationships in order to increase customer lifetime value. The key to nurturing good relationships with customers is to make them feel heard, cared, and appreciated. Also, to improve relationships with customers, companies need to tap into their expectations and interests. This is where customer survey can help. Surveying customers can offer valuable insights into their likes and dislikes and can help in increasing customer lifetime value. This can further help in offering personalized services for better customer experience and satisfaction. Keeping a pulse on you’re your customers want can also help in taking immediate action to improve customer satisfaction in case of a sudden dip in the sales and can boost customer lifetime value.

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Customer Analytics in Retail Helped a Consumer Electronics Retailer to Witness a 2x Reduction in Customer Churn Rate – A Quantzig’s Success Story

The client is a leading consumer electronics retailer based out of Germany who is known for photographic and audio equipment. The company’s annual turnover is more than $ 23 million and business is spread across 17 different countries in Eastern and Western Europe.

For companies in the retail industry to succeed in the long run, it is important to have an in-depth understanding of the customer base. Customer analytics in retail can offer a 360-degree view of the global customer base and provide valuable insights into churn prediction, potential customer segments, geospatial analysis. Also, it can help to gauge customer engagement with the business in real-time. Furthermore, by leveraging customer analytics in the retail business, companies can identify the factors affecting the bottom line and are responsible for churn majorly.

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Business Challenge

The client, a renown electronics retailer, was unable to identify higher-value customers due to which they had to spend more time and resources in building loyalty programs to drive bottom-line results. Also, the electronics retailer wanted to improve its approach to customer churn analysis to reap maximum benefits from a well-segmented and thoroughly analyzed customer database. Also, the client was facing difficulties in approaching customers with tailored incentives or other contextual retention offers. This is when they approached Quantzig to leverage its expertise in offering customer analytics in the retail sector that would help them identify flight risk customers and factors driving their buying decisions.

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Solution Offered and Value Delivered

To help the consumer electronics retailer analyze and tackle their core business challenges, Quantzig’s team of customer analytics experts adopted a comprehensive three-step approach. In the first phase of the engagement, they focused on analyzing the customer journey by applying techniques of customer analytics in the retail segment. This method of analysis involved the application of both hierarchical as well as non-hierarchical data clustering techniques that further helped them to identify potential customer segments. The second phase of this engagement revolved around developing a robust customer lifetime value model to analyze customers’ behavioral traits and their transactional histories. The third and final phase of the engagement focused on the creation of a customized customer analytics dashboard to analyze factors for churn in real-time and suggest measures to help the client retain customers and improve loyalty.

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Customer analytics in retail empowered the client to analyze clickstream data obtained from disparate sources. A comprehensive framework of customer analytics in retail also helped the client to examine customer journey from three viewpoints- customer churn, loyalty and customer retention. The solution offered by Quantzig helped the consumer electronics retailer to identify efficiencies in business operations and boost customer satisfaction. Furthermore, the client was successfully able to distinct characteristics of the different customer segment and create a robust go-to-market strategy.

By applying customer analytics in retail, the client was also able to:

Reduce customer churn rate by 2X
Witness an increment of about $12M in annual income
Identify gaps in customer data analysis and improvement opportunities
Measure KPIs to drive business growth

Benefits of Customer Analytics in Retail Sector

How Quantzig’s Customer Analytics Solutions in Retail Can Help?

By leveraging Quantzig’s customer analytics in retail, companies can harness the ever-expanding customer data generated from POS terminals, mobile transactions, social media, and various other cloud-based platforms. This can help them to gain insights more quickly and eventually improve business decisions. With the help of our customer analytics solutions, retail companies can increase the relevance of offers and interactions and improve customer retention. Furthermore, Quantzig’s advanced customer analytics solutions offer valuable insights into customer behavior, attitudes, and sentiments that can be leveraged to improve customer relationships and drive loyalty.

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Customer Lifetime Value Analysis Helps Improve Retention Rate by 13% for a Telecom Company – A Quantzig Case Study

customer lifetime value

A world leader in the IT and telecom sector based out of Denmark was facing several predicaments due to their inability to identify new international business opportunities, improve retention rates, and ensure the right amount of investments towards profitable customer segments. To tackle such challenges, they approached Quantzig to leverage its customer lifetime value analytics solutions to profile the potential customers and develop a marketing strategy that can help them maximize retention, net profit and minimize re-marketing costs.

Quantzig adopts a holistic approach to help organizations develop unique methods for evaluating the customer lifetime value for each client across different industries. Request a FREE proposal now to gain in-depth insights into our customer analytics solutions.

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Business Challenge

The global telecom industry consists of several big players that make communication possible on a global scale, either through phone or the Internet. The telecom industry is primarily driven by technological innovations and developments, which help to offer a wide range of communication services at low-cost margins.

The client, a leading telecom player with business operations spread across the globe, wanted to determine the net value of their customers by source, campaign, and channel. This would help them identify potential customers and ascertain their average revenue per user. The client, with the help of customer lifetime value analytics solutions, wanted to spend their resources smartly to acquire new customers and retain the most profitable ones with customer lifetime value analytics engagement. Also, with the help of customer lifetime value analytics solutions, they wanted to seek ways to improve business decisions about product development, sales, marketing, and offer reliable customer service and experience to the customers; thus, helping them to maintain a long-term relationship with customers.

Major challenges faced by the client:

To ascertain the net value of their customers
To seek ways to improve decision-making capabilities
To reduce customer churn rates and retain the most profitable customers

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Solution Offered and Value Delivered

By leveraging Quantzig’s customer lifetime value study, the client identified the necessary marketing efforts to reduce churn rates and ensured the right amount of marketing investments toward profitable customers.

Adopting a combined approach of Quantzig’s dynamic micro-segmentation and predictive modeling techniques, the client was able to accurately forecast the lifetime value of a customer based on their purchase history, demographics and other behavioral traits. Also, the telecom company was able to accurately predict the revenue generated by each customer which, in turn, helped them devise cost-efficient strategies aimed at improving the share of wallet from that customer. The solutions offered also helped them improve retention rate by 13% and build long-term relationships with the customers.

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Outcome

Customer lifetime value analysis solutions helped the client to optimize interactions and conversations to drive repeat purchases, customer referrals, and minimize support costs. Furthermore, this engagement offered real-time and actionable insights into their customers’ journey which helped the client efficiently distinguish customers in terms of profitability.

Our customer lifetime value analysis also empowered the client to:

To improve retention rate by 13%
Accurately predict the revenue each customer generates
Devise data-driven marketing strategies to improve profitability
Reduce customer churn rates significantly

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5 Key Steps to Create an Ideal Customer Profile to Boost Marketing Strategies

To succeed in the extremely competitive business landscape, companies need to know exactly who their customers are and how to target them. Companies cannot afford to waste time and resources on irrelevant leads. This is where an ideal customer profile can help. Customer profile analysis can help businesses to know who their customers are, what they do and what do they expect. Consequently, businesses can improve customer engagement and offer them a better experience. Creating the target customers’ profile also enables a business to offer tailored messages and improve marketing efforts. Today companies across industries are competing for market share, customer acquisition, and customer retention. Therefore, for businesses to find potential customers and enhance their loyalty, targeting the right prospects with the right offering at the right time has become very crucial. Building an effective customer profile can help businesses to make their customers feel valued, cared and engaged. In this article, our customer analytics experts have highlighted a few crucial steps to create an effective customer profile that can help companies in improving market penetration, enhance response rates, and boost customer acquisition.

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How to create an Ideal Customer Profile?

Step #1: Define your customers

To develop a target customer profile, it is important that companies define their customers first. They must gain an understanding of the target markets and customer personas based on demographics, personality, and behavior. Also, players across industries need to assess their current target market and potential markets to improve business expansion.

Step #2: Locate your customers online

Today most businesses have started exploiting online channels to drive business growth. This makes it important for companies to analyze which websites and pages their customers have visited in search of information about their business, product, or services. Also, companies need to focus on keywords and keyword phrases customers use during their search process. This can help them to improve their content marketing strategy. Furthermore, by analyzing the type of articles customers read businesses can gain in-depth insights into the kind of purchases customers make.

Get in touch with our customer analytics experts for more tips on creating an ideal customer profile.

Step #3: Define your customers’ purchasing process

The purchasing process for every customer is different. This includes expensive and complicated purchases that require more research, quotes and time before the contract is made. Companies to make an ideal customer profile, need to put themselves in the shoes of a typical customer and record the steps they would take to make an informed decision.

Step #4: Prioritize your target markets

Next step into developing a target customer profile is selecting target markets to develop customer personas. Customer personas are the foundation for all tactical marketing and sales strategies and plans. Buyer’s personas can help companies to understand their customers and their pain points. Also, this can aid in analyzing the factors that motivate customers to make purchase decisions. Such assessments can help businesses to develop core messages for each target market and can improve their marketing strategies to enhance the target customer experience.

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Step #5: Identify risks your customers can face

Identifying risks that customers might encounter while investing in your services is as important as identifying the benefits. These risks can be both positive and negative. Positive risks have a positive outcome and aid in inventory and warehouse optimization that can help in improving service. On the other hand, negative risks have negative outcomes because of which you might miss out an opportunity in the new market. By identifying and categorizing positive and negative risks, companies can improve their call-to-action strategies and segment their audiences to offer better customer experience.

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3 Ways to Boost Business Expansion Strategies Using Customer Behavior Data

By using customer behavior data, companies across industries can analyze how their customers respond to their products and services, followed by their marketing and selling. Businesses that truly understand their customers, can come up with Can improve their products and services to cater to the unique needs of their customers to promote them more effectively. Analyzing consumer behavior is crucial for all companies, especially before the launch of a product or service. Analyzing customer behavior helps in marketing products and services successfully. Marketing strategies are driven by customer behavior that serves as a tool for marketers to meet their sales objectives. If any company does not understand its customer’s demand, it might end up experiencing a significant loss in terms of customer loyalty and retention. However, understanding customer behavior is a daunting task because each customer has a different purchasing behavior and interest. This is where customer behavior data can help. In this article, our customer analytics experts have highlighted a few ways in which customer behavior data can help in improving business expansion strategies and driving significant growth.

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How to boost business expansion using customer behavior data?

#1: By increasing customer retention

By leveraging customer behavior analytics, companies can successfully segment their customers based on their buying behavior and interests. This can, further, help them identify at-risk customers and devise marketing strategies to tackle the challenge. Using such insights, companies can find more ways to improve customer engagement and launch new initiatives to offer personalized products and services based on customer behavior.

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#2: By improving customer acquisition

The journey of modern customers is very complex. The path to purchase typically involves different touchpoints across multiple channels. Most companies tend to struggle when it comes to effectively aligning their marketing strategy with the customer journey. Organizations face issues due to budgetary constraints and fragmented data sources. This is the reason many marketers are leveraging data-driven approaches such as customer behavior analytics to gain better insights into customer behavior. Customer analytics solutions help companies to optimize the path to purchase through personalization, helping them acquire more customers that exhibit similar behavior and manage their acquisition budget.

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#3: By driving customer growth and expansion

Individual customers may have a higher likelihood of converting on particular cross-sell, up-sell or repeat purchase offers at certain times. By leveraging customer behavior data and analytics, companies can identify a customer who has encountered negative experiences which prompted them to discontinue the services. Consequently, such customers can be targeted with other retention-focused initiatives to win back their loyalty and increase their satisfaction.

Finding it difficult to quantify and forecast the value of individual customers across dimensions? Our customer analytics experts can help. Get in touch with them right away.

3 Major Challenges Enterprises Face in Building an Effective Churn Model

To succeed in today’s complex business scenario, companies need to build and deploy an effective customer churn analysis model in order to monitor churn rate and maximize customer retention. Acquiring new customers always costs heavily and this makes predictive churn model appealing for businesses that aim at retaining customers and maximizing profits. Although predicting customer churn seems to be easy initially it involves several challenges. We have listed some of these challenges in order to help companies adopt preventive measures before moving ahead in the process.

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Challenges of Building a Predictive Churn Model

Challenge #1: Lack of “silver bullet” methodology

One of the major challenges that companies face in building a predictive churn model revolves around the selection of a suitable churn modeling approach. But there is no single methodology to build a predictive churn model that can work in most situations. Machine learning techniques are mostly used by businesses due to their efficiency and ability to categorize and manipulate complex data sets. The approach of survival analysis, on the other hand, uses survival and hazard functions to predict which customer will churn during a particular period. So, the best solution to deal with this challenge is to compare the performance of several models and identify the most effective method for your business.

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Challenge #2: Features and exploratory analysis

Businesses face several roadblocks and churn risk at this stage of building predictive churn models such as lack of information, target leakage and the need for optimal feature transformations. Along with the domain knowledge, businesses must also have the required skills and creativity to build robust predictive churn models. . Therefore, it is important that companies execute careful exploratory analysis and build auxiliary models before embarking on building an overall churn prediction model. Exploratory analysis can also help in revealing reciprocity, irregularities, outliers, and, relationships between different functions, which wouldn’t be possible with domain knowledge alone.

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Challenge #3: Validating churn model performance

For accurate customer churn analysis, it’s essential to choose the correct metric to optimize and validate datasets. The precision of a churn model not only impacts performance but also affects decision-making. As such, businesses need to employ different strategies to validate the performance of a churn model prior to its implementation. Also, businesses need to monitor several versions of churn model to identify problems.

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Unveiling the Growing Importance of Customer Lifecycle Analytics

Today the expectations of customers keep growing at every stage of their journey. So, for businesses to stay competitive, meeting customer expectations has become very important. Companies must pay more attention to customer feedbacks and use such data for better customer lifecycle management. With customer analytics solutions, companies can turn data into actionable insights and forecast customer needs. Customer lifecycle analytics is one such solution that can help businesses to understand the needs, lifestyle choices, behaviors and buying nature of their customers. This information can further empower businesses to create a unique customer experience that propels prospects from awareness to fanatical advocacy and helps improving customer lifetime value. Here in this article, our team of experts has highlighted the growing importance of customer lifestyle analytics and how it can help in reducing the conflict in a customer’s mind about brand choices.

Our Customer lifecycle analytics solutions can help businesses forecast the value of individual customers across multiple dimensions. Get in touch with our experts to know how.

What is Customer Lifecycle Analytics?

In today’s competitive business environment, customer lifecycle analytics plays an important role in the success of any business. It provides not only the ability to acquire customers but also offers ways to nurture them, keep them happy and solve their issues. Customer lifecycle analytics paves the way to identify potential customers and helps in answering the following questions:

What do potential customers want?
Why do they prefer a particular product?
What are the reasons that drive customers’ buying decisions?

Quantzig, through its customized analytics solutions, helps its clients to identify high-value customers and maximize profitability. Request a FREE proposal now to gain better insights.

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lifecycle analytics

What are the Stages of Customer Lifecycle?

Stage #1: Reach

For organizations measuring the reach of their marketing initiatives is very difficult. But Customer lifecycle analytics can help by offering valuable insights into the responsiveness of campaigns. Companies can leverage customer analytics solutions to reduce campaign spends in the long run. Also, businesses can adopt clustering techniques to develop targeted campaigns and unlock specific segments. This approach can be more effective than the traditional segmentation methods used by marketers and can also drive more profits for the business.

Stage #2: Customer Acquisition

Businesses looking for solutions to their acquisition woes can find answers to the following fundamental questions by embracing Customer lifecycle analytics solutions:

How to target the potential segments?
How to optimize acquisition costs and improve ROI?
How to optimize the quality of customer service?
How to use the right channel for each customer segment?

The availability of huge data in the form of customers can be leveraged to understand valuable segments and nurture the approach to cater to their needs.

Our strategic analytics services can enable businesses to identify factors for customer churn while paving the way for better customer lifecycle management. Request a FREE demo below to know more.

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Stage #3: Customer Retention

To gain an edge over the competitors, organizations need to have a robust customer retention strategy in place. Customer retention is an important factor that impacts different customer lifecycle stages as organizations prefer to retain their customers more than acquiring new ones. This is because the acquisition of new customers costs five to seven times more than the cost of retention. This is where customer lifecycle analytics can help businesses in optimizing the various stages in customer retention. Customer lifecycle analytics solutions can help in identifying customers who are likely to churn. Organizations can leverage historical data of customers who have churned to identify customers that can opt out from their services.

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5 Proven Customer Retention Strategies to Up Your Game | Quantzig

With the ongoing advancements in technology and the rapidly transforming business environments, it’s essential for businesses to revamp their customer retention strategies to boost sales. To succeed in today’s complex business scenario businesses must not only focus on enhancing customer relationships but must also optimize and revamp their customer retention strategies on an ongoing basis. Since there’s so much noise out there about customer retention strategies, our analytics experts have curated a list of top customer retention strategies that have helped our clients improve their profit margins.

customer retention strategies

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5 Customer Retention Strategies to Grow Sales

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Customer Satisfaction Engagement: Analyzing Customer Survey Data to Boost Customer Retention and Loyalty in the Retail Sector

The Business Challenge:

Today retail industry players across the globe are facing very low customer satisfaction levels and high attrition rates. The enormity of these challenges has grown due to the use of different communication channels that have become a standard business practice. With the proliferation of technology, customers today take no time in switching between channels and expect a consistent level of customer service across all platforms throughout their journey. As a result, the retail environment has evolved from a product-centric foundation to customer-centric foundation and therefore, customer satisfaction survey has become a pre-requisite for the success of companies in the retail sector.

The client, a leading retail company based out of Norway, faced several predicaments due to their inability to monitor and track customer journeys. Their operations are spread globally, with more than 15 stores located in Belgium, Germany, the Netherlands, Romania and the United States. The client faced various challenges starting with anticipating changing customer expectations and needs, dipping customer retention rates, and a decrease in customer loyalty towards the brand.

Customer satisfaction survey can help you enhance customer experience and loyalty. Want to know how? Get in touch with our experts.

The client approached Quantzig to leverage its expertise in offering customer analytics solutions to find answers to the following questions:

What problems did the customers face?
How do customers respond to their brand?
What makes their customers happy?
What actions do customers take after their first interaction with the brand?

We adopted a comprehensive approach to helping the client enhance their customer service levels and boost customer satisfaction scores across multiple touchpoints.

SNAPSHOT

Solutions Offered and Value Delivered:

Quantzig’s customer analytics experts adopted a holistic approach that revolved around conducting and analyzing the data generated from customer surveys. This helped the client to proactively understand their own strengths and weaknesses from the customers’ perspective and address customer concerns. This boosted customer retention rates by 2x by analyzing customer feedback and reasons for churn.

Our customer analytics experts also created an interactive and customized dashboard to ensure that the client’s marketing and sales team gain better insights into the data generated by customer experience surveys. By leveraging Quantzig’s customer satisfaction survey analysis, the retailer gained a better understanding of its diverse customer segments. Additionally, the customer satisfaction survey helped them improve the customer satisfaction score by offering deeper insights into customer expectations and needs. Furthermore, this helped them customize their marketing initiatives to suit customer needs. As a result, customer loyalty has improved, and the client experienced a better market presence. Also, the ROI from their marketing campaigns improved significantly.

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The insights gained from this customer satisfaction engagement also enabled the client to:

Improve business performance by enhancing customer service in real-time
Manage customer expectations, boost consumption rate, and reduce the cost of support
Build a customer-focused attitude across different channels of the organization

Benefits of Customer Satisfaction Survey

There are several factors that contribute to the success or failure of any business and a customer survey is one of them. It is crucial for companies across industries to track the growing importance of customer satisfaction in order to boost customer loyalty and eventually turn them into brand ambassadors. If you neglect your customers, don’t expect them to care about your offerings. The sooner businesses realize this, the better they can perform. Better customer service is always the key to win the hearts of your clients and make your brand recognizable within your target group. Here are a few important reasons why customer satisfaction surveys are important for businesses today:

Improves customer loyalty: Customer feedbacks can help companies understand what their customers like about them and what they don’t. If you know what keeps them coming back over and over again, you are closer to winning your customer’s loyalty.

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Enhances customer service: Customer service can improve only when you are empathetic to what they say. Online customer satisfaction survey provides a medium to your customers where they get a chance to tell their side of the story out without being interrupted. This can further help you segment your customers into different categories based on their needs and expectations.

Improves communication strategies: Customer satisfaction survey offers an opportunity for companies to establish effective communication strategies with their customers. This can be done by carefully designing your survey. Also, this can help you remind your customers of important changes in your organization.

Helps in spotting trends: The customer satisfaction survey is a very important tool to spot market trends. It can help you gain from the wisdom of the masses by asking them their ideas and analyzing patterns in their feedback. This can help companies to stay ahead of the curve.

Why Quantzig?

At Quantzig, we help businesses to understand their customers and devise effective customer retention strategies. Our analytics solutions help businesses in the precise prediction of customers’ buying behaviors and deliver relevant offers that attract rather than alienate customers. With the help of the best combination of analysts and consultants, we help our clients discover and build capabilities to drive competitive readiness and success.

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Customer Churn Analysis: The Key to Boost Customer Retention Rates for Businesses

customer churn analysis

Companies across industries spend most of their resources, time, and efforts on customer acquisition, despite knowing the fact that the cost of retaining an existing customer is much lower than acquiring a new one. Therefore, customer retention should be the top priority for companies. Also, for companies analyzing factors responsible for customer churn and estimating the risk associated with individual customers are both important components that help in devising a data-driven customer retention strategy. Customer churn analysis acts as a key to bring these elements together and offers insights that drive smart decision making across an organization.

Banks, telecom companies, insurance firms, and energy services companies, are some of the businesses that often use customer churn analysis as one of their key business strategies. With the rise of businesses based on recurring revenue models, customer churn has become an important business metric for almost all companies.

Are you finding it difficult to build a predictive customer churn model? Churn analytics solutions may hold the key to success. Get in touch with our experts to know more.

Here are a few important reasons that make customer churn analysis important:

Customer churn analysis prevents revenue loss by saving extra costs in marketing and re-acquisition
The probability of selling to an existing customer is a lot higher than to a new prospect
Measuring the customer churn rate helps in calculating the customer lifetime value
Customer churn analysis helps in measuring the company’s health and long-term prospects
Customer churn analysis examines the rate of improvement in customer retention
Helps to identify customers segments that are best suited for your products or services

Steps to Enhance Your Approach To Customer Churn Analysis

Step #1: Calculate basic churn rate

The first step in customer churn analysis is to calculate the customer churn rate. There are several ways to calculate the churn rate. Customer analytics tools can help in calculating churn rate directly in real-time. This calculation not only helps in getting the quantitative metric of churn rate but can actually visualize it through the customer journey, understanding precisely the factors that lead to customer churn. Churn rate can be analyzed properly by understanding churn, which is of three types short-term, mid-term, and long-term. This duration is nothing, but the time period customers have been active before they decide to discontinue and cancel the service. To keep your customers engaged for the long-term, you need to reinforce the core value of your product or service consistently.

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Step #2: Identify at-risk customers to reduce churn

Prevention is always better than cure, don’t you agree? Some customer segments, and more importantly, some customer behaviours predict churn more clearly than others. Customer churn analysis helps to identify these behaviours efficiently in real-time. This further helps in adopting measures to make these at-risk customers stay. Companies are leveraging customer analytics solutions like customer churn analysis that helps them enhance their ability to identify at-risk customers and thereby reduce customer churn rate. Additionally, customer churn analysis offers a data-driven understanding of customer preferences and helps to find the best way to reduce friction in specific situations. Furthermore, this can help companies to easily prioritize opportunities for improvement.

Step #3: Focus on the entire customer journey

Customer churn analysis can provide optimum results only when the complete customer journey and experience have been analyzed well. Different customers have different experiences and customer analytics solutions can help you visualize each of them, the various touchpoints encountered, and the actions that are taken from there. If you do not analyze the entire customer journey and only focus on the last interaction, it can result in deriving inaccurate and misleading conclusions which will do nothing to stem the tide of leaving customers. Customer churn analysis can pinpoint the drivers of customer satisfaction in a way that traditional analytics solutions cannot. By analyzing and quantifying what matters most to customers, companies can consistently provide better customer experience and measure their impact on customer churn rate.

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Step #4: Discover your most profitable customers and focus on retaining them

All customers are not equal, and while you may want to retain all, resources are not unlimited. So, you need to shift your focus on the most profitable ones first. Customer analytics solution plays a big role in this endeavour by providing a quantitative and detailed picture of the entire customer journey. It helps in customer churn analysis by interpreting how customers interacted with the product and the problems they faced at every step along the journey. Using customer churn models, companies can group their customers into segments defined by a readiness to leave, profitability, and their response to offers. This can further help in reducing customer churn rate significantly.

Step #5: Engage with your customers at optimal times

Companies have the tendency to communicate with customers when they either want to upsell or when the customer is breathing fire. But for better customer churn analysis, companies can use several other techniques as suggested below to proactively and consistently interact with their customers:

Satisfaction survey – Companies can conduct short, open-ended customer surveys which let customers voice their opinions in a convenient and easy manner.
Social media – Customers spend most of their time on social channels. So, companies can use different social media channels to analyze their opinion and response to their product and brands.
Feedback bar – Companies can incorporate a feedback bar into products and mobile apps, so that it becomes easy for customers to ask questions, comment on product’s features and give their feedback.

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Tips to Increase Customer Lifetime Value

Improve the onboarding process

Offer top notch customer service

Foster better customer relationships

Business Challenge

Solution Offered and Value Delivered

Benefits of Customer Analytics in Retail Sector

How Quantzig’s Customer Analytics Solutions in Retail Can Help?

Business Challenge

Solution Offered and Value Delivered

How to create an Ideal Customer Profile?

Step #1: Define your customers

Step #2: Locate your customers online

Step #3: Define your customers’ purchasing process

Step #4: Prioritize your target markets

Step #5: Identify risks your customers can face

How to boost business expansion using customer behavior data?

#1: By increasing customer retention

#2: By improving customer acquisition

#3: By driving customer growth and expansion

Challenges of Building a Predictive Churn Model

Challenge #1: Lack of “silver bullet” methodology

Challenge #2: Features and exploratory analysis

Challenge #3: Validating churn model performance

What is Customer Lifecycle Analytics?

What are the Stages of Customer Lifecycle?

Stage #1: Reach

Stage #2: Customer Acquisition

Stage #3: Customer Retention

5 Customer Retention Strategies to Grow Sales

The Business Challenge:

Solutions Offered and Value Delivered:

Benefits of Customer Satisfaction Survey

Why Quantzig?

Here are a few important reasons that make customer churn analysis important:

Steps to Enhance Your Approach To Customer Churn Analysis

Step #1: Calculate basic churn rate

Step #2: Identify at-risk customers to reduce churn

Step #3: Focus on the entire customer journey

Step #4: Discover your most profitable customers and focus on retaining them

Step #5: Engage with your customers at optimal times

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