Business Goal
It's highly critical to find out which clients are at the highest risk of leaving so that Businesses can reach out to those customers with a marketing campaign, reminding them that they haven’t purchased from us in a while, or even offering them a benefit.
What percent of customers are leaving?
Why are they leaving?
What are the commonalities between them?
Which customers are most likely to leave next?
What can be done to reduce churn?
Challenges
In the face of shifting consumer behaviors and market demands, Marketers & Customer Success experts find it very challenging to predict in advance which consumers are going to abandon the business.
Industries need an effective mechanism for fast business use case development to devise a marketing action plan that will have the best retention impact on each customer.
It is very critical to ensure the techniques is highly accurate for the success of the proactive retention efforts. It should not be provided to active customers which can reduce revenues for no good reason.
Inability to gain insights from real time market signals.
Solution
Sparkflows offers the most comprehensive and scalable solutions for Customer Churn Prediction.
Sparkflows provides powerful workflows to gather, analyze and process various types of attributes like
Tenure
Subscription type
Pricing
Call history
Demographics
Product usage
Payment history
Service history
Sparkflows provides sophisticated algorithms to predict churns. It also offers interpretability of the predictions.
The customer churn rate could be very easily calculated as the percentage of customers who have gone from active to inactive during the analysis period.
The powerful reports provide churn analysis over various seasons and time periods.
Business Impact
Discover Product Strengths and Weaknesses.
Churn analysis can also reveal if you have product-market fit.
Identifies Opportunities to Improve Communication.
Allows Industries to Project and Reduce Future Churn.
Correlating engagement metrics with churn can surface key indicators of retention.
Churn analysis reveals where in the customer journey users are leaving.
Lowers CAC and promotes Revenue Growth.
Increases Opportunities for Upselling and Cross-selling.