Customer Churn Prediction or How AI Can Help Your Marketing Efforts
AI in marketing has a strong potential to be revealed.
More than half of our customers are banks and financial organizations, and often we notice they use a strategy of acquiring new customers instead of retaining and upselling the existing ones.
On one hand, this is logical.
On the other hand, customer acquisition activities are five times more expensive than customer retention. Missed profits and other dire consequences caused by overlooked customer churn can slow down the business growth.
So, how AI and ML can improve the marketing strategy in finance, help boost customer loyalty and avoid missing opportunities?
Churn prediction software
- Forecast customers likely to abandon and help timely act to overcome or at least significantly reduce customer attrition.
- Calculate the value of potentially lost income.
- Assist in creating retention plans and plan marketing activities.
- Identify customers ready to pay more for premium services and the best time for such an offering.
More than half of our customers are banks and financial organizations, and often we notice they use a strategy of acquiring new customers instead of retaining and upselling the existing ones.
On the other hand, customer acquisition activities are five times more expensive than customer retention. Missed profits and other dire consequences caused by overlooked customer churn can slow down the business growth. So, how AI and ML can improve the marketing strategy in finance, help boost customer.
Openness and access to information allows others to get access they otherwise would not have had, and to influence product direction in ways they weren’t able to previously. That’s incredibly powerful.
Matthew Horan,
Staff Engineer at Spotify
Facts about customer
retention
- By growing your customer retention rates by 5%, you can increase profit by 25% to 90%.
- The chance of selling to loyal customers is 70% and only 5%-20% to new ones.
- 17% of the US customers walk away after a single negative experience, while businesses lose 59% of customers after several bad experiences.
The future of collaboration
Facilitating collaborative product development will continue to pose a challenge for teams in the years to come. But don’t let that intimidate you — let it inspire you.
When culture and process collide, amazing things can happen. You can foster trust and foster authentic relationships across your teams — both of which are critical for developing great products. That’s why we’re here. Whether you’re brainstorming, team-building, or sandboxing, Miro has something for everyone.
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