Reduce Customer Churn.
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:
Analyse why churn occurs
Cloudapps helps you identify patterns in customer behaviour that indicate the intention to cancel or depart
Identify key communication gaps
Finding sticking points or gaps in the customer journey that may trigger departure will allow you to address them appropriately
Know who is at risk
Being able to identify the customer traits that lead to departure means you can nurture each account with AI- prompted customer interactions
Improve customer retention
Use learnings to put in place a proactive customer retention programme that minimises the propensity to churn, using guided sales techniques
Insight like this is the first step in identifying and addressing customer churn. With results that are tailored to your business and your customers, spotting the signs of customer departure will allow you to accurately forecast renewals, and make improvements to the customer retention process for the future. And applying guided selling techniques based on this data will mean your customer services and sales teams will have the tools and techniques they need to keep customers happy year after year.
See how Cloudapps deep learning AI platform can transform your business:
How UBM tied revenue attainment to sales behaviors and reduced churn.
Cloudapps customers are already achieving impressive sales growth and churn reduction through AI Guided Selling. UBM are just one example of this – by tying revenue and sales behaviour attainment together they created a highly engaged team and increased their ongoing sales success.
Sometimes, it’s the small things that bring about the biggest change.
Take the case of our customers, who on average have increased their win rate by 5.6%, augmented average deal size by 5.3% and added 4.1% more opportunities to their pipeline.
These numbers may not sound like much in isolation, but when combined, they created a 15% spike on their revenue.
For an organisation of £100M revenue that’s an additional £15M – without changing sales process, technology stack or personnel.