Drive Business Impact with Proactive Customer Retention Strategies
Multifaceted interactions and transactions between customers and organizations often make it difficult to evaluate individual and collective experiences, identify churn signals, catch churn indications during an interaction, and proactively address them, while the customer is still on the line. But, within this complexity lies great opportunity to forge stronger, more lasting bonds with customers—that is, for companies that can harness their customer dynamics to reduce churn.
“80% of executives believe they deliver great customer experiences, whereas only 80% of their customers second this fact,” says Dr. Vasudeva Akula, Co-Founder & Head of Data Science & Customer Analytics Practice, VOZIQ.
“There is a huge gap between what the company thinks and what the customer sees, because companies fail to understand what the customer is trying to accomplish.” -Dr. Vasudeva Akula, Co-Founder (Head of Data Science & Customer Analytics, VOZIQ)
How VOZIQ Predicts Customer Churn?
Most organizations fall short at maximizing the utility of unstructured data, which is typically huge in volume, dynamic, and distributed across multiple touch points in the contact center, such as post-call agent notes, satisfaction surveys, call tags, IVR logs, and so on.
VOZIQ leverages advanced text analytics and predictive algorithms to convert unstructured customer interaction data into a deeper intelligence about churn risk for every customer:
- Ingest every contact center customer data source, structured and unstructured.
- Apply NLP to understand effort, sentiment, and intent of the customer.
- Link this intelligence to what happened on previous calls.
- Understand context of an interaction by linking it to past transactions and interactions.
- Calculate churn risk, based on sentiment and effort scores.
- Build predictive models to forecast future customer behavior, based on past behavior and actions.
- Loop back the churn predictions into contact channels, using built-in APIs for proactive retention activities.
“Instead of a survey based approach to understand customer experience – i.e., asking the customer “how well are we doing, and tell us where we can improve” – an organization can leverage the call center as a listening post to understand expressed as well inferred churn indicators,” says Dr. Akula.
Enabling Proactive Customer Retention Strategies and Driving Business Impact
VOZIQ’s Predictive Churn Prevention Solution provides dashboards, reports, and APIs to drive actions, based on predictive churn intelligence. Here is how the solution drives actions:
- Finds the root causes of cancellations by leveraging multiple customer interaction data sources and text analytics.
- Predictive churn models using expressed and inferred churn risk by using customer sentiment from agent notes, call reasons, and surveys scores.
- Optimizes churn program through A/B testing of multiple models and tracking the success of each outreach campaign.
- The organization, using predictive text analytics, will also get access to churn management dashboards and reports that include:
- User configurable dashboards with volume and trends of churn propensity and sentiment scores.
- Out-of-the-box churn root cause reports by key issues, products, customer tenure, geo-locations, revenue groups, etc.
- Role-specific scheduled reports with weekly, monthly, and quarterly trends in churn propensity and customer satisfaction scores.
Delivering Significant ROI to Clients
VOZIQ provides quicker time to value and an outstanding ROI compared to most other solution providers.
“At VOZIQ, we put an extra emphasis on making the predictive text analytics very affordable and extremely easy to use. This significantly brings down the total cost of ownership of the solution,” said Dr. Akula. “When combined with the positive impact on revenue, it means that our solution delivers huge ROI to any mid-sized recurring revenue business.”
VOZIQ also provides professional consulting services; its team of talented data scientists works with customer teams to jumpstart the analytics program, reducing the starting hassles for the customer, while minimizing the cost of hiring and managing contact center domain experts.
Driving Proactive Customer Recovery – A Customer Success Story
“When one of our clients, from a subscription-based technology service industry, needed a customer retention solution for minimizing their customer churn rate, we used contact center interactions as a differentiator, by identifying customer intent, effort, and sentiment. We then applied predictive algorithms on this unified data to create churn propensity scores that were more accurate and dynamic in comparison with churn risk calculated only on the basis of customer identity in the traditional approach,” says Dr. Akula.
The biggest success factor, according to Dr. Akula, was the way they delivered recovery actions on likely churners. The VOZIQ team worked with the client and its Interactive Voice Response (IVR) system to re-route likely-to-churn customers to special recovery teams. These teams were tasked with retaining the customer proactively by delivering qualified offers, newer products, and higher levels of service.
With this approach, the solution delivered a whopping 500% to 1000% ROI, resulting in increased annual revenue.
See how VOZIQ’s Predictive Churn Analytics Maximizes the utility of latent interactions in contact centers and delivers significant ROI by boosting revenue and cutting customer care costs!
Originally appeared on LinkedIn.