How VOZIQ AI Helps Increase Prices without Triggering Churn

How VOZIQ AI Helps Increase Prices without Triggering Churn- blog
Churn Solution

How VOZIQ AI Helps Increase Prices without Triggering Churn

Subscription-based businesses operate in a fiercely competitive landscape, where retaining customers is one of the topmost goals for business leaders. The current macroeconomic environment has further pushed them under constant pressure to protect and grow their recurring customer revenue.

While increasing prices is the need of the hour, not targeting the right customers can lead to adverse results by triggering churn. It means that businesses need to lead with a data-driven and personalized pricing strategy to maximize revenue while minimizing the risk of attrition.

How VOZIQ AI’s Predictive Price Increase Solution helps

VOZIQ AI’s Predictive Price Increase solution enables subscription businesses to optimize the price for every customer automatically and reduces unwanted churn associated with price increases with a smarter AI-powered decision engine. The solution is designed to help increase recurring revenue and improve margins by accurately predicting customers who are most likely to accept the price increase, upsell, upgrade, or cross-sell offers. Thus, businesses can predict the impact of price changes on customer behavior and proactively design targeted pricing strategies that drive revenue growth.

This approach helps businesses in:

  • Automating pricing decisions on a large scale to maximize revenue growth.
  • Avoiding the risk of losing customers by targeting the right customers.
  • Improving customer satisfaction as customers feel that they are getting a fair price for the services they receive.
  • Staying ahead of the competition with automated price adjustments by continuously monitoring customer behavior.

How the solution works

The Predictive Price Increase Solution is built on VOZIQ AI’s enterprise AI platform and uses advanced machine-learning algorithms to analyze a wide range of data, including previous contact center interactions, payment history, products purchased, usage history, tenure, and contract status to determine the best price-increase option for each customer. It also leverages VOZIQ AI’s third-party data enrichments to increase the accuracy and actionability of its recommendations.

The solution is powered by VOZIQ AI’s suite of proprietary machine learning models. These models operate 24X7 to analyze, monitor the vast pool of data, and score every customer based on predicted response to a higher price. These models also identify the optimum price point for every customer based on multiple factors such as predicted churn risk, predicted NPS, top drivers of risks, and their historical responses to past offers etc.

It is fully integrated with VOZIQ AI’s enterprise AI platform, which provides a ready-to-go environment for launching high-performance, AI-enabled solutions, minimizing the need for internal resources. The platform also makes it easy for businesses to set their own pricing rules and parameters and align the solution to their exact needs. Through APIs, the intelligence can be easily integrated back into CRM, ERP, marketing, and care systems so that the whole process is automated without putting more burden on internal resources.

What makes it unique?

Unlike other solutions available in the market, VOZIQ AI blends predictive intelligence related to churn, NPS, and upgrades with pricing optimization. The solution is also built specifically for subscription businesses, and it takes into account the unique characteristics of the subscription business model, such as recurring revenue and customer churn, to ensure that prices are set at a level that maximizes revenue while minimizing the risk of customer churn.

Adopting the right pricing strategy is no longer a luxury but a necessity for subscription businesses looking to stay ahead of the curve in the current macroeconomic environment.

Request a Free Trial

VOZIQ AI is offering a free trial of the Predictive Price Increase Solution for a limited time. For more information or to schedule a demo, get in touch with us, get in touch with us.