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Customer Churn Rate Prediction

Fayrix Machine Learning solution predicts customer churn rate to develop a customer retention plan and reduce customer attrition in a timely manner

INDICATORS
of customer churn

Shrinking client base
Revenues decrease
Customer complaints & inquiries increase
Negative comments on corporate social media
Competitors' market share increase

Average spending per customer decrease

how to descrease
customer chrurn?


Initially in order to prevent customer attrition, it is crucial to predict the potential customer churn rate. Customer churn prediction is a typical task of discovering a small group of customers that are likely to be lost compared to the number of loyal customers. Fayrix customer churn predication solution identifies clients who are likely switch for competitors and helps to develop the customer retention plan based on specific attrition reasons for each client segment.
Business
PROBLEMS SOLVED
Customer retention plan development
Cross-selling and up-selling strategy development
Customer behavior forecasting
Client base segmentation
SMM strategy development
Client service improvement
Estimate customer churn impact on business
New products development, existing products modification

Steps to reduce
CUSTOMER CHURN

Step #1
Estimate customer churn probability and business risks in terms of customer churn.
Step #2
Develop a decision-making model for customer churn management based on Customer Lifetime Value (CLTV).
Step #3
Define a client segment prone to chrun and develop customer retention plan for each of the customer segments. Example of such a plan.
Why is
customer retention
important?
Operational efficiency of the work with existing clients is generally higher than with new ones due to the following reasons
1
Existing clients are more loyal and ready to pay more if they're satisfied with the provided customer service
2
Existing clients will buy your product with a 70 – 80% chance, whereas new clients will do that with a 20 – 30% chance.
3
There's no need to spend your marketing budget on customer aquisition when you can earn profit from existing customers
* According to the research studies of Bain & Company "Modern Customer Service" Forbes Insights" and "Prescription for Cutting Costs".
SOURCE DATA

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