Churn
Reduce customer churn.
Churn is the act of a customer, member or subscriber leaving your business.
Retention (Churn) & Winback Solution
What is it
- Rank current and former customers by churn and re-engaging probability.
Why is it important
- Maintain and grow customer base while increasing customer satisfaction.
- More expensive to get new customers than to retain existing or regain former customers.
- Get insight into customer behavior.
How do SMAI solve it
- AI models outputs probability of churn and winback in combination with CLV.
- Churn preventive actions based on insights from the interpretable AI model on a local (specific) and global (general) level.
- SMAI Consulting’s tool to increase customer base includes data-driven insights and retention strategies utilizing AI models.
How do SMAI prevent churn
Utilize the right AI tools and insights
- Tool for insights on activities, suggestions and use of control group
- Prioritized actions, offers and communication
The right customers at the right time
- High risk customers
- Specific insights to why the customer has the assigned churn probability (high risk)
Insights
- Harvest global insights
- Understand important features
Love calls and marketing actions
- Specific marketing actions
- Coverage of customer needs
A plan for churn
- Retention actions
- Who and how many to contact
- Marketing & Communication channels
Allow for change management
- Change management is important
- Customers do not stop churning because they have a score in a
SQLtable
Why focus on Churn
You have 1000+
- Subscriptions
- Members
- Recurring customers
Revenue
- Losing a customer is not only a loss today, it is also future loss of revenue
New customers are hard to come by
- You have reached a critical mass and now it is hard to grow the customer base
- Your customers are growing old and you are not getting new young customers
A plan for churn
- You do not have a plan for how to retain customers
- It is overwhelming to make a coherent plan for safeguarding churn
- You might have an onboarding process and a follow up after 6 months
Data utilization
- You do not utilize data to the fullest
- Churn modelling is a great way to utilize current and historic data
Interested in how SMAI Consulting can help your business
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