With the multitude of products and services available and growing, it has become imperative for businesses to have a strong customer retention program and establish a platform to predict churn with AI and prevent it.
The benefits of retaining customers have been proven. Customer acquisition costs five times more than customer retention. Increasing customer retention rates by 5% can boost profit by 25% to 90%, as the probability of selling to loyal customers is 70%, compared to only 5%-20% for new ones.
By leveraging Artificial Intelligence, machine learning, and customer interaction analytics, businesses can develop an accurate perspective on customer behavior and churn tendencies, enabling them to predict churn with AI and take proactive measures to retain customers.
AI allows businesses to identify at-risk customers early, giving them the opportunity to address issues before churn occurs.
Understanding the reasons behind churn enables companies to craft targeted strategies to combat it effectively.
By delving into why and how churn happens, businesses can refine their approaches to retention.
Train Artificial Intelligence to identify at-risk customers.
Use Artificial Intelligence to identify customer pain points for effective intervention.
Utilise Analytics to identify underlying causes of customer churn.
Employ Machine Learning and Predictive Analytics to develop strategies to prevent churn and increase customer retention.
Churn risk identification and prevention.
Change from a reactive retention strategy to a proactive strategy, providing a significant competitive edge.
Retain more customers with improved service and product.
