Churn Retention

In a competitive world, Customer Churn (or Attrition) is a pressing and costly concern for businesses, making customer retention key. Global competition has raised the cost of acquiring new customers, making it imperative to effectively manage churn retention by determining which customers are likely to churn and which of those you should keep, then taking the right steps to prevent them leaving. Churn retention is about answering key questions like:

• Who is at Risk of Churning? Detect in advance (churn prediction) which Customers may be considering terminating their relationship, making them targets for retention campaigns.
• What retention action can we take to keep them? Different customers have different needs: it is not possible to treat all customers the same way. By identifying different market segments and recognizing the diversity of customers, it is possible to target every one of them with a compelling, customized retention offer.
• Which customers will react positively to retention? Focusing on customers who are willing to churn but resistant to retention offers is a waste of marketing effort. It is important to identify those customers who are at most risk of churning and who have the greatest propensity to react positively to the right retention action delivered over the right channel.

Regardless of industry or situation, churn retention hinges around four key issues: business goal, offer, timing, and channel. By targeting the right customer, at the right time, with the right retention offer made through the right channel, retention rates can be improved. KXEN's data mining software can bring significant improvements in churn retention by targeting a large number of retention campaigns. Hundreds of retention models with thousands of attributes all trained, deployed and refreshed regularly to realize maximum business value from your customer data, and making your churn management campaigns work better.

With KXEN's automated data mining software customer lifecycle analytics and customer retention become faster and easier. Driving considerable improvements in customer acquisition, retention, cross/up-sell and risk, operations like incremental modeling and predictive analytics take only hours rather than weeks or months, so companies can make faster strategic and tactical decisions about the future.

See how KXEN helped Vodafone Netherlands boost churn retention and decrease customer churn by a massive 12% annually. Click here to download the full story.