Recently VOZIQ’s Customer Intelligence Blog has found a place in the list of Top 75 Customer Experience Blogs & Websites for Businesses.
We would like to share with you some of our most popular blogs of 2017, in case you missed them when they were first published. These blogs have got enough recognition from your fellow readers.
In today’s competitive market, customer experience is often the main differentiator. Once a sale is complete, the contact center is an enterprise’s primary touch point with its customers. When a company knows what their customers want and responds with a consistently excellent customer experience, they create loyal and profitable relationships.
Check out these 5 best CX strategies that make your customer happy and reduce churn:
- Understand what type of churn is prominent in your company
- Build accurate understanding of customers
- Explore newer data sources to gather customer intelligence
- Deploy predictive analytics to uncover new opportunities
- Focus on proactive retention approach
Standard churn prediction models rely on structured data such as customers’ demographics and purchase histories. VOZIQ’s predictive text analytics solutions reduce the time-to-value by going one step beyond these common churn reduction approaches.
Following are the 5 ways using which VOZIQ reduces customer churn signiﬁcantly:
- Detect Churn Risk as It Emerges with Dynamic Churn Scores
- Enhance Customer Contact Rate with Risk-Based Intelligent Call Routing
- Improve Sales Eﬀectiveness with Service-to-Sales Model
- Enhance Marketing Eﬀectiveness with Risk-Aware Marketing
- Create Company-Wide Risk Awareness
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. By using the contact center interactions as a differentiator, VOZIQ identifies customer intent, effort, and sentiment.
Then, by applying predictive algorithms on this unified data, VOZIQ gets churn risk scores for each customer. Based on the score, companies can identify at risk customers and proactively create customer retention strategies to retain the customers effectively.
Forrester’s 2017 predictions warn that the millennial mindset of ‘no-loyalty’ is increasingly evident across age groups. For the new customer, a single episode of a bad experience can lead to prolonged loss of revenue from that customer to a competitor.
In such a volatile scenario, a few companies, according to Forrester, will leverage technology to understand customer emotion as both a descriptive and predictive measure to guide experience design and govern operations. VOZIQ assists retention leaders in building an enterprise aware of customers’ emotions and risk, and provides them with tools and processes to deliver a better customer experience across the lifecycle.
Forrester in its 2018 predictions has suggested that: “The fate of individual companies has never been so uncertain, and the window of opportunity is closing for many companies who are unprepared or unable to adapt to new market realities.”
Following are few more predictions made by Forrester as we move into 2018:
- Customer experience takes a hit
- Unmet customer expectations results in churn
- Shift in focus of CMOs budget
- Challenges with AI
Hence, companies must understand, that only when customers are rewarded with better experiences, the effects on revenue undisputed.
Thank you for taking time and going through our top Customer Intelligence Blogs in 2017. We hope that the insights you gained from our blog posts will inspire you to some extent and assist your team in building new strategies that help your business reach new heights in 2018.
Our subsequent goal in this New Year is to make significant advances to our Predictive Text Analytics technology and greatly help the Customer Value Leaders in their retention initiatives.