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  • Customer churn prediction

Customer Churn Prediction

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


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
OUTCOMES & BENEFITS
of customer churn analysis
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 ATTRITION

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".
DATA SOURCES
FOR CUSTOMER CHURN ANALYSIS

Do you want to increase profit with our customer churn prediction model?

Contact us now to start predicting customer attrition and retain your customers.
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