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As competition gets intense most organizations place heavy emphasis on effective customer retention programmes
Retaining for future profitability
As competition gets intense and the cost of acquiring new customer spirals, most organizations place heavy emphasis on having effective programs to retain the existing customers. Often retention programs get reduced to a one time intervention when the initial special offer given to the customer expires. Our experience has shown that effective churn management requires ability to identify ‘at risk' customers early and then customizing the retention strategies based on expected profitability of the customers.
We will combine customer transaction and demographic profile data to build propensity models to identify ‘at risk' customers. These models segment customers into various levels of attrition risk. To increase the efficiency of marketing efforts, we will also analyze the data on past retention and build a model which predicts the probability of saving a particular ‘at risk' customers.
The last step in effective churn management is testing different retention offers and tracking the profitability of saved customers. We will work with your marketing team to design tests around different retention offers and help you in maximizing your ROI on retention effort through tracking ‘post save' profitability.