Recently, VOZIQ’s predictive customer retention solution was honored for consistent innovation and extraordinary value creation and won the 2020 Product of the Year award.
We want to share with you some of our most popular blogs of 2020, in case you missed them when we first published them. These blogs have garnered significant appreciation from your fellow readers.
Did you know that it costs five times more to attract a new customer than to keep an existing one? If a company has a $1 million budget for retention objectives, it would have to spend $5 million to acquire the same number of customers lost.
Industries across verticals are losing customers at an alarming rate even today. In fact, the average churn rate among U.S. companies is more than 23%. At this rate, a company that has 1 million customers with a $500 average revenue per user would end up losing the business of $100 million or more.
Three successful strategies will protect customer revenue:
- Proactive retention strategy (before the customer chooses to cancel)
- Retention performance improvement strategy (when the customer decides to cancel)
- Win-back strategy (after the customer cancels)
Most of the retention leaders are focusing on developing churn prediction models with a much-focused agenda of identifying which of their customers are more likely to cancel. With so much visibility and attention, a data scientist would work on just one churn model to improve its value by measuring how well the outcome is predicted. In customer retention scenario, it would be how many at-risk customers the model has identified and how accurately it has done so.
To know more about the importance of predictive models in customer retention strategy, check out this article.
COVID-19 is probably a once-in-a-lifetime catastrophe that has brought the business world to its knees. While many sectors struggle to stay afloat, those that rely on recurring revenue are showing resilience in getting through the crisis. The key for any business to survive, regardless of industry, is providing continuous value and exceptional experience to customers.
This article is a compilation of a few resources with actionable ideas for dealing with the crisis and preparing for the future while keeping customers at the forefront.
We hope you will find this useful!
For any business that depends upon recurring revenue from in-contract customers, the customer retention rate is a strong predictor of long-term profitability. It is because today’s customers are more aware than ever and have a low barrier to switching their providers. With just one click of a button, they can cancel ongoing relationships and switch to a new provider easily.
This blog discusses the financial impact of high customer attrition and proposes a five-step strategy to boost profitability by retaining more customers in the COVID-19 era.
COVID-19 is the biggest global disruption to businesses in nearly seven decades, making it challenging for businesses to meet customer needs. Companies may also find it challenging to control costs while managing operational challenges. Workplace disruptions and increased queries are a problem for most businesses, which is why AI is a game-changer for companies that want to ride out these challenging times. Without the ability to manage COVID-19-related challenges, organizations can face both service gaps and customer dissatisfaction.
The blog presents three successful approaches to reducing costs utilizing customer experience and attrition gains:
- Reverse-engineer customer experiences
- Segment customer issues based on complexity
- Use AI to deliver targeted service experiences efficiently
The pest control industry is benefitting from many advantages. Climate change, increasing middle-class income and the growing awareness of the importance of hygiene, especially in light of the COVID-19 outbreak and other pandemics, mean the demand for pest control services is set for a globally-positive trend. Unfortunately, low entry barrier and intense competition in the industry undermine these advantages.
Here are eight action points to minimize attrition and boost profitability. Although the blog primarily speaks about the pest control industry, it holds good for all subscription-based sectors across the world.
Thank you for taking the time and going through our top Customer Intelligence Blogs in 2020. We hope that the insights you gained from these blog posts will inspire and assist you in building new strategies that help your business reach new heights in 2021.
Our next goal in the new year is to make significant advances to our Predictive Text Analytics technology and enable the customer value leaders in their retention initiatives.