Ways to Reduce the Customer Churn Rate
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How to prevent Customer Churn and increase customer advocacy
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Ways to Reduce the Customer Churn Rate
- 1. CUSTOMER CHURNRATE Meaning, Significance, Causes, and Ways to Reduce it Using Data Analytics
- 2. Customer churn refers to the rate at which your customers are churning, i.e. leaving your company or brand. For e.g. if your company gained 1000 customers and lost 32 customers in the last month, then your monthly Customer Churn Rate would be (32/1000)*100% = 3.2%. Whatitis
- 3. One study suggests that reducing Customer Churn Rate by merely 5% can boost profitability by as much as 75%. Significance Companies in the U.S. lose $1.6 trillion every year owing to Customer Churn. The higher the Churn Rate, the lower the gains from sustained transactions between the customer and the business. ImpactsProfitability EatsintoYourBottomline LowersCustomerLifetimeValue
- 4. 1.6 Trillion Companies in the U.S. lose USD 1.6 Trillion every year due to Customer Churn as a result of poor customer service. - Accenture
- 5. 5X-20X more expensive than retaining one. 60%-70% Compared to only 5%-20% When Selling to a prospect. Acquiring a new customer is The probability of selling to an existing customer is
- 6. Causes 0% 25% 50% 75% Customer Service Quality Price Functionality Convenience Needs Changed Others
- 7. AboutMECBot Our flagship unified data analytics product MECBot with the capabilities to detect, prevent, and reduce customer churn at scale and in real-time. MECBot puts your business first by adopting the Business Domain Entity-Model approach without any dependency on the underlying databases or the structure of the data. ChurnAnalyticsCapabilties Estimate churn probability and rank customers using churn scores. Automatically adjust and update churn values in real-time. Identify proven, data-driven steps to drastically reduce churn. Better Targeting of Campaigns Through Customer 360 degree. Improved Retention Through Loyalty and NPS Analytics. CLV Maximization Through Customer Advocacy. Solution
- 8. CHURN ANALYTICS AND CUSTOMER RETENTION Identify high-risk customers using NPS, loyalty ranking, churn scores, industry benchmarks, and auto- recognition of patterns. Personalize marketing campaigns, communication, offerings, and promotions to target high-risk customer segments. Improve loyalty of existing customers by fulfilling unmet needs, unique value creation, differentiating from competitors. Uncover opportunities to maximize your share of the customers' wallet through intelligent cross-selling and up-selling. CHURN ANALYTICS CAMPAIGN MANAGEMENT RETENTION MODULE CLV MAXIMIZATION
- 9. MECBot leverages micro-segmentation and customer 360 degree to know which marketing approach has the greatest impact on the retention of each customer segment. WhyMECBotisthe preferredchurn analyticssolution forFortune1000 companiesglobally. Enables outcome-driven campaigns for churn-reduction by orchestrating and performing all the necessary analytics on top of MECBot, like CLV analysis, assessment of churn-risk, NPS indexing and ranking, influencer analysis, and much more. Users receive early warnings on which campaigns are not effective in ensuring retention and what can be done to improve the same based on earlier success.
- 10. MoreReasonsto ChooseMECBot Sets up the application with just a few clicks. Gives results from day one. Simplicity Speed Matches the pace of decision-making with the speed of the original data generation. Scalability Security Performs elastic scaling based on business needs with dynamic clustering. Offers banking grade security and role-specific access to the platform.
- 11. HowMECBotWorks