According to various studies, acquiring a new customer is anywhere from 5 to 25 times more expensive than retaining an existing customer. So, for recurring revenue businesses, retention rates make a huge impact on business profitability in many ways.
However, most companies believe they understand their customers well and can solve the churn problem through a single channel/method, which has so far been ineffective.
5 Actions with VOZIQ’s Predictive Customer Retention Solution
VOZIQ’s closed loop analytics solutions predict churn using contact center data and can support customer handling processes in the following 5 ways that can help in retaining customers effectively.
- Dynamic Churn Scores
- Intelligent Call Routing
- Service-to-Sales model
- Risk-Aware Marketing
- Company-wide Risk Awareness