1 min read

Churn Prevention

The cost of retaining existing customers is less than the acquisition costs to gain new ones. With a strong customer churn prevention strategy in place, brands can ensure they keep their high-value customers, improve their loyalty, and build their value.
Churn Prevention

Data Science Usecase (Part 4)

With marketing expenses and the cost of the onboarding process, acquiring new customers is costly. As a result, while it is important to grow your customer base, and equally valuable (and more cost-effective) business strategy is to grow the lifetime value of your existing customers. Therefore, brands should implement a set of three strategic safety nets around their customers to prevent customer churn and increase customer lifetime value:

  1. Customer experience management to improve customer satisfaction and reduce churn
  2. Total relationship loyalty programs and personalization to keep customers engaged and coming back
  3. Churn prediction data analysis to identify high-value customers and churn risks before it's too late.

How the three safety nets apply across the entire customer lifecycle to reduce churn

  1. Customer Experience Management
  2. Total Relationship Loyalty
  3. Preventing Churn with predictive analytics

To be continued...

Source: https://www.ttec.com/articles/customer-churn-prevention-3-best-practices-retain-customers

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