Find out which customers are likely to leave your company
Customer churn is an important issue that businesses need to focus on. Customer churn can be described as the rate of customers that are leaving your company and buy products or services from another supplier.
Customer retention marketing can be a lot more valuable than Customer Acquisition Marketing when it is performed in the right way. It has been stated that the success rate of a sale to a new customer lies around 5 to 20 percent, while an existing customer will purchase with 60 to 70 percent certainty. Our solution for this is Churn Analysis.
When focusing on customer retention, there are multiple steps you can take as a business:
The first step is to recognize whether a customer is still loyal to your product and/or service. Insights can be gained by looking at one customer at a time or by grouping customers with similar backgrounds and look for exceptional behaviour. Subsequently, it is possible forecast which customers are going to churn in the future with a high probability. This can be done by examining the customers’ behaviour and looking at customer characteristics. Finally, the best practice to persuade the customer to retain using your products and services can be determined.
Audi Service – Customer Profiling