(2 minute read)
One of the main objectives of any business strategy is to get the most out of the company’s relationship with its customers. However, their decrease in consumption or even their abandonment (measured as churn) go against the achievement of this objective.
As it could not be otherwise, an appropriate use of company data can help them to anticipate this type of event and act accordingly, launching specific campaigns to selected sets of customers taking into account their behaviour and preferences.
How is it achieved?
In a similar way to the case of optimized cross-selling, to anticipate churn and the decrease in consumption, we use Artificial Intelligence and Big Data applied to each sector in which the companies that trust Bionline operate. We study and classify each of your clients individually, obtaining precise profiles that allow us to determine with a certainty up to 10 times greater than with expert criteria who are those people who have a greater propensity to leave the company or reduce their consumption in a way considerable.
Of course, it is essential to define in advance the concept of high value customer, in order to obtain audiences for the retention campaigns whose retention actually represents a benefit for the company.
Advantages of preventing churn and consumption reduction
Thanks to the correct execution of these types of actions, companies are able, among others, to make the most of the budget allocated to retention campaigns, and strengthen the relationship with individual clients.
- Better use of the allocated resources in this kind of campaigns: by optimizing the selection of audiences to target retention campaigns, the human and financial resources used are used in a much better way compared to cases in which expert criteria or chance are used.
- Improvement of the individual relationship: thanks to the individualized profiles and the actions addressed to each one of them, clients will perceive a company behaviour that adjusts to their needs and tastes.
In the case of the churn and consumption decrease prevention, we can perceive once again how one of the great opportunities of many companies lies in the correct use and exploitation of their own data.
As specialists in commercial and marketing actions optimization by means of AI and Big Data, we can help your company anticipate the abovementioned events, making it possible for your team to develop the necessary actions with each target audience in order to continue developing the defined commercial strategy.