Quantzig, a leading analytics advisory firm that delivers customized
analytics solutions, has announced the completion of their new article
on the importance of customer
churn analysis for businesses. Companies across industries spend
most of their resources, time, and efforts on customer acquisition,
despite being aware of the fact that the cost of retaining an existing
customer is much lower than acquiring a new one. Therefore, customer
retention should be a top priority for companies looking at expanding
their customer base.
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Importance of customer churn analysis (Graphic: Business Wire)
Also, for companies looking at devising a data-driven customer retention
strategy it’s essential to analyze factors responsible for customer
churn and estimate the risks associated with individual customers prior
to the implementation of new the strategy. Customer churn analysis acts
as a key to bring these elements together and offers in-depth insights
that drive smart decision making across an organization.
Churn analytics solutions make it easy to build a predictive churn
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Steps to improve your approach to customer
Step #1: Calculate basic churn rate
Calculating the customer churn rate is the first step in customer churn
analysis. There are different ways to calculate the churn rate which can
be calculated by customer analytics tools in real-time. Apart from
offering insights into quantitative metrics, this calculation can
actually visualize it through the customer journey, analyzing precisely
the factors that lead to customer churn.
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customer analytics solutions.
Step #2: Identify at-risk customers to reduce churn
Some customer segments and customer behaviors help to forecast churn
more clearly than others. Customer churn analysis aids to determine
these behaviors efficiently in real-time. Furthermore, this helps in
adopting measures to retain such at-risk customers. By leveraging
customer analytics solutions like customer churn analysis companies can
improve their ability to identify at-risk customers and thereby minimize
customer churn rate.
for more information to gain detailed insights into
the benefits of leveraging customer analytics solutions.
Step #3: Focus on the entire customer journey
Customer churn analysis can provide the desired results only when the
customer experience journeys have been analyzed. Different customers
have different experiences and customer analytics solutions can help you
visualize each of them, the various touchpoints encountered, and the
actions that are taken from there. If the entire customer journey is not
analyzed, it can lead to inaccurate conclusions.
Want to know more? Read the complete article here.
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devise better customer acquisition strategies? Request
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leverage analytics for prudent decision making. Today, our firm consists
of 120+ clients, including 45 Fortune 500 companies. For more
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