Churn occurs when a customer stops buying from a business for one reason or another, also known as attrition or defection. Staying on top of churn is an essential requirement for any company, but one that is becoming increasingly difficult due to modern-day customers being more knowledgeable, educated, and demanding than ever before, with more choices in the marketplace to satisfy their needs.
Although defining and predicting customer churn might appear straightforward – involving the creation of predictive models capable of identifying customers at risk of churn and then targeting them with specific offers or increased service levels – there is no "one-size-fits-all" approach to the problem and a significant amount of data analysis is required to get a satisfactory result. Rather than taking the traditional data science approach of creating custom, discrete models – which are often static and disjointed from the customer service workflow – Complexica addresses this problem through an integrated and automated approach.
Complexica's Customer Opportunity Profiler (COP) uses internal and external data sets to analyse customer activity on an ongoing, continuous basis – including purchasing trends & behaviour, service issues, social media activity, multi-channel interactions, and more – to identify potential problems as they emerge (as well as new opportunities, such as cross-selling & up-selling). Through this integrated, continuous analysis, our Customer Opportunity Profiler (COP) can automatically identify customers at risk of churn, and provide customer service staff with Next Best Conversation™ recommendations that can significantly reduce attrition and enable personalised cross-selling & up-selling.