Controlling customer churn is vital for the success of any business. To improve customer retention and customer loyalty, companies need to first analyze customer churn and quantify its impact. This provides insight into the different customer groups that may need to be better addressed or need specific attention. Based on the industry vertical and the market, companies need to design a predictive churn model to identify potential customers who have a high probability of churn. This analysis can be the stepping-stone to improving customer loyalty and customer retention figures through marketing initiatives aimed at reducing the impact of customer churn.
Dr. Vasudeva Akula, CEO of VOZIQ, has elaborated on this topic in a LinkedIn post. Here is the link to the post – 5 Steps to Control Customer Churn.