What if your business had the ability to predict the habits of your customers? This would provide the significant advantage of knowing when customers were planning on ending their services and give your company the opportunity to step in beforehand. Resonant Analytics can deliver this ability to your company with predictive churn modeling.
Churn modeling can identify the habits of a customer that is likely to end their services with a business. Usually companies do not have much interaction with the customer until the customer reaches out to end services. At this point, it is hard to change their mindset. Utilizing churn modeling and acknowledging the activity of a customer who is potentially ending their services allows the provider to take proactive steps to possibly present new offers to retain the customers business.
Resonant Analytics has provided this service to many companies with great success. Most recently, a national retailer partnered with RA in hopes of improving their customer retention. RA was able to create retention models for key customer segments, predicting the likelihood of renewal in the program. The models analyzed customer behavior and provided the insight to develop strategies for better targeting communications.
As a result of direct marketing retention programs based on this solution, customer interaction increased by 4% resulting in $2 million of incremental revenue. In addition, the cost of retention programs decreased by 46% through improved targeting of communications to high potential value customers. New policy sales exceeded program objectives by 16%, and new policies written for the difficult to reach Dual Eligible prospects exceeded the goal by 30%.
By having quantifiable metrics to make retention efforts the likelihood of success is much higher than simply relying on customer satisfaction. Being aware of customer habits provides the company the opportunity to develop a customer relationship that will improve customer satisfaction and a much higher retention rate.
Reach out to Resonant Analytics today to take a proactive approach to your customer retention.