Brinks Home CEO William Niles in talks with Credit Suisse’s Kevin McVeigh
The company achieves a 400 basis point retention improvement 2021-2022 driven by AI and machine learning
At VOZIQ AI, we have been talking about how AI-driven, proactive retention interventions through care and marketing can enable subscription businesses to unlock precedented value by driving customer retention, a determining driver of growth. There are several studies, statistics, and success stories supporting it. One such success story is Brinks Home, one of the largest home security companies in North America.
Recently, Brinks Home CEO William Niles, in his conversation with Credit Suisse’s Kevin McVeigh, spoke about how the company achieved phenomenal customer retention and CLV breakthrough using AI and machine learning.
He pointed out that following a restructuring in 2019, Brinks Home has a concerning 18% churn rate. In early 2022, the company deployed the best of breed predictive analytics to analyze its customer base of millions. It helped divide customers by risk category, and understand and predict their behavior.
Brinks Home then went on to create an enterprise data hub to aggregate all the data about customers. Upon applying state-of-the-art machine learning to this data hub, the company was able to create personalized, resonating retention offers at the customer level, such as contract extension, RMR reduction or complimentary device.
It turned out to be a huge success. Brinks Home went from 18% attrition in 2020 to 14.3% in 2022 – an unprecedented 400 basis points drop in customer attrition.
VOZIQ AI is delighted and proud to have been a customer retention partner with Brinks Home and many other market leaders in recurring revenue model.