It can cost 5 times more to attract a new customer than to retain an existing one
But in today’s digital world, consumers hold the power. Canceling a product or service contract is often a simple click of a button, so how do you ensure your customer churn is kept to a minimum?
The best way to minimize churn is to track and understand your customers’ behaviors. Not just knowing their past purchase history, but understanding the actions and indicators that signal departure, and putting in place sales actions to combat this.
Or even better, using this intelligence to put in place a data-led customer retention plan that will see your customers renewing, year after year.
Reduce customer churn with the next generation of AI: Deep learning
Understanding the complexities of customer churn can feel like a task in itself. There may be hundreds of possible reasons that customers are departing, but knowing what is driving this in your business is key to addressing and improving the situation.
And this is where the Cloudapps AI solution can help. Unlike traditional artificial intelligence, which is based on human-led statistical analysis and assumptions, the Cloudapps deep learning AI platform is an incredibly intelligent system that mimics the workings of the human brain. It can read results, understand nuances and rationalize outcomes, constantly learning from every interaction to improve intelligence and enable highly accurate predictions.
Apply this to your sales CRM and other time-sequenced data, such as emails, or accounts records, for example, and suddenly you have a means of gaining highly accurate customer insights that will allow you to: